| |
Mountain
Lakes, N.J. -- (Dec. 20, 2006) -- New Jersey based Ciercus
Systems, Ltd., (www.ciercus.com) announced that it has developed
system enhancements for its proprietary Settlement ProTM
closing fraud deterrent that will allow seamless interaction
with existing systems. While retaining the ability to act
as a stand-alone system for those who want it, the new enhancement
will permit Settlement ProTM to stand behind and support
front end systems already operating at mortgage lenders.
Thus mortgage industry clients can request that closing
data be shared and also validated with front-end processing
and fraud guard systems. With this integration option, all
data will be filtered, validated and stored in one place,
at the lender's base of operations. Furthermore key closing
documents, which under the old system were available in
real time but stored off-site, can be attached to existing
client files, eliminating the need to access the information
from a separate storage source.
Ciercus continues to develop enhancements as it works toward
the development of a universally accepted closing fraud
deterrent system that will close the loop on mortgage industry
fraud protection software. At this time Ciercus remains
the only company that has created a working system solely
focused on the closing process. Together with Professional
Assurance, a settlement agent certification process, and
Mortgage QC Consulting, a mortgage fraud loss mitigation
service, Ciercus offers a three-tiered approach to mortgage
industry fraud. Last year the industry reported $1 Billion
in losses from fraud, a number that the FBI expects will
grow to higher levels by year's end.
Andrew Liput, CEO of Ciercus Systems, Ltd., stated, "These
new enhancements, part of our ongoing research and development
efforts to fight closing fraud, will make Settlement ProTM
a more universally accepted system to uncover fraud at the
closing table and hold settlement agents accountable. Using
universal code language and translators, we can now share
our data with existing systems so that a lender can enjoy
protection from loan origination through closing."
SOURCE: Ciercus Systems
|
