Method for mortgage fraud detection
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United States of America Patent
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Oct 6, 2009
Grant Date -
May 19, 2005
app pub date -
Nov 14, 2003
filing date -
Nov 14, 2003
priority date (Note) -
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status (Latency Note)
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Abstract
A method of detection of fraud in a mortgage application: in a computer system, maintaining a database of sales prices of real properties in a geographic area where the property is located; obtaining a valuation history for the property; obtaining historical sales data for similar properties in the geographic area; computing price ratios using these valuation histories; computing a distortion index based on the price ratios, the distortion index indicating the likelihood of a fraudulent valuation.
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