Technology Helps the Indiana Department of Insurance Combat Fraud

INDIANAPOLIS--(BUSINESS WIRE)-- IN.gov along with the Indiana Department of Insurance (IDOI) developed a unique electronic system for the collection and storage of information concerning first lien purchase money mortgage and refinance transactions. A notable rise in fraud related to residential real estate transactions in the state prompted the Indiana Mortgage Fraud Task Force (MFTF) to seek legislation and technology to help combat fraud.

“Originally launched on January 1, 2010, the RREAL IN application has provided State of Indiana agencies with immediate access to information concerning professionals, agencies, and institutions involved in residential real estate transactions for property located within Indiana,” said Randall Evans, Project Manager for the Indiana Department of Insurance. “During the first year in operation the application recorded 156,000 residential transactions.”

As mandated by Indiana Code section 27-7-3-15.5, the closing agent or person who closes the transaction is required to enter real estate closing transactions into the database. The Residential Real Estate Acquisition of Licensee Information and Numbers database (“RREAL IN”) can be found at http://in.gov/apps/in_rreal/Login.aspx.

“The application is also used as a research and investigative tool which provides reporting capabilities that help to isolate trends and patterns of information relative to all aspects of these transactions,” said Evans.

Other states, that are members of the National MFTF, are currently working on developing similar applications to eliminate mortgage fraud. To date, the RREAL IN application has over 2,095 registered accounts and has processed 189,459 filings.

About IN.gov

IN.gov is the official website of the state of Indiana (www.IN.gov) and a service of the Indiana Office of Technology. The IN.gov program is a collaborative effort between the state of Indiana and Indiana Interactive. Indiana Interactive is the official eGovernment solutions provider for the state of Indiana. The company builds and manages interactive government services on behalf of the state and is a wholly owned subsidiary of eGovernment firm NIC (NASDAQ: EGOV).

About NIC

NIC (NASDAQ: EGOV) is the nation's leading provider of government websites, online services, and secure payment processing solutions. The company's innovative eGovernment services help reduce costs and increase efficiencies for government agencies, citizens, and businesses across the country. The NIC family of companies provides eGovernment solutions for more than 3,000 federal, state, and local agencies across the United States. Additional information is available at http://www.egov.com.

Indiana InteractiveSloane Wright, 317-233-2108
[email protected]

Source: Indiana Interactive