System, method and computer program storage device for detecting short sale fraud
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United States of America Patent
Stats
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Jul 30, 2013
Grant Date -
Mar 29, 2012
app pub date -
Sep 13, 2011
filing date -
Sep 15, 2010
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
A short sale monitoring system, method and computer program product assist in identifying potential fraudulent activity associated with short sale real estate transactions. A processing circuit receives property identification information for a property, a short sale notification regarding a short sale of the property, and a short sale price. The processing circuit then queries a database of loan records to identify a corresponding loan application for the property. The loan application is at least one of a pending loan application and a closed loan application for the property. The processing circuit then generates a notice when (1) the short sale price is less than a predetermined amount with respect to a price included in the loan application, and (2) a date of the loan application is within a predetermined time of a closing date of the short sale.
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