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PRESS RELEASE
Let's Get Real
Real-Time Reports Flag Suspicious Activity
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LAS VEGAS, Nev. - (Mar. 15, 2009)Property Fraud Prevention, LLC PropertyFraudPrevention , today unveiled its
new PFP Reports, an online software system that allows lenders and title
companies to track "real-time" activity by running reports that can reveal
property fraud schemes at any time in the loan process-including at the
closing table. The new system debuted at the 2009 National Technology in
Mortgage Banking Conference & Expo, currently underway in Las Vegas, Nev.
With the cost of mortgage fraud in the United States estimated at up to $6
billion annually FBI.org , Gloria
Lorentson, president and CEO of Property Fraud Prevention and the visionary
behind the software system, said the timing couldn't be better for the
industry to invest in her company's product.
"Mortgage fraud cases have been on the rise in recent years and our current
economic situation is causing an even greater increase in fraud cases," said
Lorentson. "Our PFP Reports software system is a powerful tool that provides
up-to-the-minute information and can reveal potential fraud schemes before a
loan is funded."
With PFP Reports, the mortgage industry can help identify fraudulent
activities, reducing the risk of loss. Subscribers can easily and securely
run "real-time" reports using the software that allows title companies and
mortgage lenders to communicate without invading each other's databases. The
PFP data is stored indefinitely in a secure database and becomes more
powerful with each transaction.
"The software helps identify inconsistencies in data and alerts subscribers
that they may want to investigate further," explained Warren Burgess,
project manager and architect who designed the system. "Our reports are
intended to provide data security, data integrity, and real-time responses
to subscriber submissions."
Common fraud schemes that can be revealed using PFP Reports include:
* Multiple companies processing loans for the same property
* Duplicate title orders
* Unqualified or previously rejected buyers
* Property being sold to multiple buyers
* Buyers attempting multiple loans
* Dramatic increases in appraised value
To learn more about Property Fraud Prevention and PFP Reports, visit
www.propertyfraudprevention.com or call 877-338-7450.
SOURCE: Property Fraud Prevention
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