Closing fraud has reached epidemic proportions, as lenders fight to recover funds lost at closing, and also work to reduce losses attributed to repurchases for closing fraud issues
Mountain Lakes, NJ (PRWEB) October 26, 2006
Ciercus Systems, Ltd., a pioneer in mortgage closing fraud technology, announced today that an industry focus group has chosen a new name for its unique closing agent registration and fraud deterrent software program. The program will be called SettlementPro™, and is part of a three tiered service line developed to fight against mortgage closing fraud.
SettlementPro™ enhances existing fraud software by adding a closing component to identify closing issues before funds are wired. This software collects important closing data identifying all parties in the transaction and providing lenders real-time access to documents. It also requires, for the first time, that closing agents register themselves and their closing transactions in a data base customized to the needs of each lender client.
"Closing fraud has reached epidemic proportions, as lenders fight to recover funds lost at closing, and also work to reduce losses attributed to repurchases for closing fraud issues," said Andrew Liput CEO of Ciercus Systems, Ltd. "With 20 years in banking law and mortgage loan loss mitigation, I felt the need to develop a program that will change the way mortgage loans are closed and prevent billions from being lost."
About Ciercus Systems:
Developed by Andrew Liput for Ciercus Systems in 2005, SettlementPro TM is proprietary software designed to enhance existing front end mortgage fraud systems and deter mortgage closing fraud. It offers settlement agent registration, closing document and data collection and reporting functions, providing the mortgage industry with the first back end, closing process, mortgage fraud deterrent system.