Quest, a survey and valuation technology provider, has launched a new system to help lenders spot mortgage fraud it was announced today.
The system, Q-Price Alert, is an add-on module to Q-Guard fraud detection software. It allows surveyors and mortgage lenders to identify applications and surveys where valuation figures are suspiciously high. Quest says the software uses existing Land Registry data and proximity weighted price pair gradients and then alerts an administrator when the purchase price exceeds 15% of the value estimated by Quest’s price comparison system. Quests says its system is also capable of identifying particular individuals or geographic areas which show above-average valuations and can alert surveyors ...
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