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PRESS RELEASE
New Service for PMI Companies Addresses Fraud
Special Investigations Uncover Mortgage Fraud
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New York - (May 7, 2009) GlobalOptions Group, Inc. (NASDAQ: GLOI), a leading provider of domestic and international risk management services, has announced the addition of Private Mortgage Insurance (PMI) Investigations to its Fraud and Special Investigations Unit division’s service offerings. The new service will support private mortgage insurers in exposing fraud arising from material misrepresentations made during the origination of a loan.
Private mortgage insurance protects lenders against losses resulting from the default of borrowers on their mortgage loan obligations. A PMI investigation gathers information that allows the insurance carrier to determine if a material misrepresentation occurred in the origination of a mortgage loan, which can be the basis for denying a PMI claim.
“As foreclosures continue to rise, and the losses to lenders and mortgage insurance carriers increase, insurers have asked for an investigative service that can help protect them from unwarranted losses,” said Franklin B. Pinder, III, President of GlobalOptions Fraud and Special Investigations Unit (“SIU”). “We assist insurance companies in uncovering a variety of material misrepresentations associated with residential loan applications and related documents, including borrower employment, income, assets, debt, residence occupancy and the use of a ‘straw’ or “front borrowers.”
The GlobalOptions PMI service includes verification of application information, deposit and employment; background investigation and skip tracing; and thorough field investigation.
The offering is currently being utilized by GlobalOptions Group clients and also leverages the company’s underlying industry-changing Rapid DataSM and GlobalTrak™ case management technologies, with multiple PMI client cases having already been identified as investigable by GlobalOptions mortgage insurance clients. The company has prepared a suite of services specifically tailored to the needs of private mortgage insurers.
“With more than 900,000 new foreclosure filings only since the beginning of 20091, GlobalOptions recognizes that the risk of PMI fraud will only increase as the year – and the fallout from the subprime mortgage crisis – progresses. We are poised to meet this need with a suite of services designed to maintain profits for the private mortgage insurers,” Mr. Pinder concluded.
SOURCE: Global Options Group, Inc.
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