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Online Fraud Prevention

Ciercus Closing Fraud System Makes Successful Debut

MOUNTAIN LAKES, N.J. -- (August 30, 2006) Ciercus System, the mortgage industry's first Internet- based software system to address mortgage closing fraud, debuted this month and has already had a positive affect on the industry.

The proprietary system developed by Mountain Lakes, NJ based Ciercus Systems, Ltd., combines mortgage closing data collection and warehousing with closing agent registration and real time access to executed closing documents to help close the loop on fraud fighting technology, which previously only addressed front end origination issues.

The system launch has been aided by positive reviews in industry publications such as Mortgage Banking Magazine, and Secondary Marketing Executive Journal. News about the new product has also been carried across the Internet on industry blogs, including the widely read Rachel Dollar Mortgage Fraud Blog, and the website for ALTA--The American Land Title Association.

Earlier this month Ciercus announced its new Closing Agent Certification program, through it's subsidiary business, Professional Assurance. Since then, dozens of real estate professionals have registered with the system to obtain certification status, establishing for themselves, and interested lenders, their qualifications as closing agents.

One New York attorney who has used the system, Andrew Hallajian, Esq., has said the Ciercus System "is an idea whose time has come." Hallajian added, "I find it hard to believe that something like this has not been in use already. The closing ceremony in real estate transactions hasn't changed for years, hasn't kept up with technological advances. I can see the merits of this System and believe it will change the closing industry for the better."

Susan Rienstra, with American Title & Settlement in New Jersey, a Chicago Title agent, found the system "incredibly easy and quick to navigate, and very useful."

Ciercus executives have also recently previewed the system for several national lenders and warehouse banks, and are in discussions with a major industry fraud fighting company to partner together to enhance the reach of the Ciercus System in the marketplace.


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