C&S Marketing’s LoanSafe™ Selected By Genworth Financial To Create New Underwriting Solution
-- New SecureFirstSM application blends improved underwriting and fraud --
ORLANDO and SACRAMENTO, March 28, 2004 – C&S Marketing, a leading provider of property valuation, collateral assessment, and fraud prevention services for the mortgage lending industry, today announced that Genworth Financial has packaged C&S’ LoanSafe system with Genworth’s AU Central and Doc Central to create a new technology-based underwriting solution called SecureFirstSM. The announcement was made at the MBA’s 2005 National Technology in Mortgage Banking Conference & Expo in Orlando.
SecureFirstSM provides lenders and investors with a more seamless underwriting process, while reducing incidences of mortgage fraud by detecting situations when loans are locked for underwriting and require additional investigation. Fraud reports are customized by lender or investor needs, and delivered electronically through the AU Central results page and/or the Doc Central folder.
“This partnership with Genworth Financial – a leading global mortgage insurer – represents the forefront of blending fraud detection solutions with loan underwriting,” said Steve Schroeder, CEO of C&S Marketing. “These tools have had a positive effect in the operations of mortgage lenders, while minimizing risk.”
Each individual lender or investor determines the parameters for ordering a fraud report through SecureFirst. Reports are based on requirements supplied by the lender. Benefits include processing fraud reports before the loan is underwritten, custom reporting results based on combined borrower, property and industry standard origination party scoring, a summary page providing a snapshot of each loan and private reports that are only available to individuals approved by the user.
SecureFirst can easily be added to AU Central or Doc Central, adding efficiency and safety to the loan underwriting process eliminating double-data entry, and report results flow automatically into Doc Central.
C&S Marketing’s LoanSafe system (comprised of HistoryPro™, IdentityPro™ and Third Party ScoreCard products) delivers a comprehensive analysis of the three common elements that expose a lender to fraud: collateral, borrower, and origination agent. The solution quickly examines a loan’s potential fraud risk by analyzing property and relationship details between borrowers, brokers, appraisers, specific market regions, and other known interactions that are effective in detecting and preventing fraud and misrepresentation.
About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the lifestyle protection, retirement income, investment and mortgage insurance needs of more than 15 million customers, and has operations in 20 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information, visit www.genworth.com.
About C&S Marketing
Sacramento, Calif.-based C&S Marketing is the leading provider of collateral risk assessment and fraud prevention solutions to the mortgage lending industry. Since 1997, the mortgage industry has relied on C&S Marketing’s knowledge and information tools to provide quality control, appraisal review and underwriting decision and process support. The C&S Marketing family of property information tools provide the data, comprehensive geographic coverage, ease-of-use and accessibility lenders need. For more information about C&S Marketing, visit www.csmarketing.com.
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