Mortgage fraud detection technology provider Interthinx is growing its fraud-fighting tools and services with the purchase of NIA Consulting, the company announced Friday.
Early detection of mortgage fraud and loan misrepresentations continues to be an important aspect to fighting loan fraud, which has escalated over the years, the company said.
NIA Consulting conducts forensic audits on defaulted mortgage loans and aggregates data from its detailed mortgage loan audit reports. NIA also offers forensic appraisal services through its sister company RE/Value (AppraisalAudit.com).
Data from NIA’s detailed audits is stored for use during investigations to determine commonalities and potential third-party matches for its customers. The company reviews several hundred real estate transactions per month for signs of fraud or misrepresentation.
As mortgage fraud continues to escalate and become more complex, Interthinx President Kevin Coop said it is essential for the company to stay on top of new developments and fraud schemes and that the new acquisition of NIA Consulting strengthens its capabilities.
The NIA database, which includes detailed information on borrowers, brokers, appraisers and other third parties, will be integrated into the Interthinx National Fraud Protection Database and Third Party Review (TPR) services.
“With the mortgage industry experiencing a dramatic increase in early payment defaults and foreclosures, comprehensive loan audits are essential to combat these challenges,” said Cecil Rhodes, president of NIA Consulting.
NIA Consulting’s current executive team will continue to lead the business, according to the company announcement.
Terms of the purchase were not disclosed.
