FraudGuard (FG)

FraudGuard
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Terms in this set (39)
FraudGuard
A tool that verifies discrepancies
1. Undisclosed properties
2. Employment concerns
3. Property concerns
4. Credit issues
What 4 main things does FraudGuard help identify?
True
True/False: FG should be run after the complete loan review and every time we update EDGE.
False
True/False: FG helps identify interest rate matching 1003
A True Concern Variance
This type of variance represents a serious issue and typically needs to be conditioned out.
True
True/False: A CTC Stop will fire if the FG score is less than 900
False
True/False: At initial underwrite, the SR UW is required to clear all of the FG variances that appear
Participant Review
When an exclusionary list hit is identified by FG, the UW must email who?
False (Every time EDGE is updated)
The UWII will only run FG in EDGE as an "ending cap"
SR UW
Who runs FG on initial review?
FalseTrue/False: FG can be run through the Property Screen.1. Decision Review 2.FG "carrot"In EDGE, which 2 places can we run FG?1. Occupancy map 2. Ownership tab 3. Property overviewWhat 3 tools provided by FG can be used for Underwriting?1. Current residence/Primary 2. Employer 3. Subject propertyWhat 3 things does the Occupancy map in FG display?TrueTrue/False: The occupancy map will calculate the distance to see if it's a reasonable commute.False (SR UW does this)True/False: The UW2 will solve occupancy variances that the map spits out and will condition out.SR UWWho will resolve occupancy variances by conditioning out?OwnershipThis tool in FG provides us with any real estate the borrower has interest in.1. Current ownership 2. Previous ownershipWhat are the 2 parts of the Ownership tool in FG?TrueTrue/False: The Ownership tool in FG shows the Details of transfer date.FalseTrue/False: The SR UW is the only one that will look at the Ownership tool in FGProperty overviewThis tool in FG provides us with everything related to our Subject property.False (Need supporting Source documents)True/False: We will automatically change property type in EDGE based off what we see in FG.1. Appraisal/Appraisal waiver 2. TitleWhat are the main Source documents used to determine property type (In relation to FG - Property overview)?TrueTrue/False: The Prelim will list the actual property and potential HOAs.False (Best practice - give Broker a heads up prior)True/False: The Broker does not need to be notified when there is a discrepancy with the Title or Appraisal.Team LeadIf there is a discrepancy with the Title or appraisal, who should the UW2 escalate to?VariancesWhat is the term used for potential concerns or discepancies?1. Data discrepancy 2. Easily Justifiable 3. True concernWhat are the 3 main Variances in relation to FG?Data DiscrepancyThis type of Variance is related to potential inaccurate information between EDGE and what Public records thinks is right.Easily JustifiableThis type of Variance can probably be supported in EDGE or currently held documents.False (UW2 can clear the condition)True/False: UW2 should not clear the condition in EDGE based off the information from documents when UW2 sees Easily Justifiable viariance.True ConcernThis type of Variance may represent serious issues and typically requires UW2 to condition out.True ConcernThis type of Variance should not be cleared until all pertinant documentaton has been reviewed and accepted by the UW2.TrueTrue/False: Clearing a Variance will increase the Risk score.False (900 min)True/False: UWN requires a minimum of 800 out of a possible 100 for Risk score.SR UWWho clears Variances related to Occupancy concerns, Income concerns and Employment concerns?Notify SR UW by adding to SR Queue and adding a comment!If UW2 sees variance concerns related to occupancy, income or employment, what action should they take?FalseFG CTC Stops are handled only by the SR UW.