Professional Assurance Will Certify Settlement Agents to Help Fight Mortgage Fraud

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Lenders, Consumers can Choose Agents with Verified Experience, Basic Standards

Right now there are no minimum standards established by lenders for closing agents. Despite the fact that millions of dollars are being wired into their accounts, and important financial and real estate documents are entrusted to their care, in reality most lenders know very little about these people.

Professional Assurance, a service operated by New Jersey based Ciercus Systems, Ltd., announced the official launch of its settlement agent certification service to help fight mortgage fraud. The service establishes certain minimum standards, including insurance coverage, industry experience, and verified references, to create a public data-base for lenders, and consumers who choose settlement agents in real estate closing transactions.

For a nominal fee that covers the cost of verifying credentials, applicants can became PACCA, or "Professional Assurance Certified Closing Agents." PACCAs meet the standards established by Professional Assurance and receive 12 month's free listing in the Professional Assurance website database advertised to lenders and consumers.

Andrew Liput, CEO of Ciercus Systems, Ltd., stated, "Right now there are no minimum standards established by lenders for closing agents. Despite the fact that millions of dollars are being wired into their accounts, and important financial and real estate documents are entrusted to their care, in reality most lenders know very little about these people." He added, "PACCA helps the mortgage industry, by setting standards, and also helps the agents themselves, by creating a public database so that qualified professionals can be identified and sought after by consumers and lenders. In doing so, the 'fraudsters' will, hopefully, be driven from the industry."

Beginning November 1st, Ciercus will initiate a national advertising campaign promoting Professional Assurance in publications serving the legal and title closing industries.

About Ciercus Systems:

Ciercus Systems, Ltd. is based in Mountain Lakes, New Jersey and is an innovator in closing fraud technology and related services. The company can be reached toll free at 1-888-4Ciercus or at http://www.ciercus.com.

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Michael Gustman
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