New Internet Site to Revolutionize Mortgage Industry and Fight Closing Fraud
June 29, 2006
Ciercus Systems, Ltd., announced an August 1st release date for a new proprietary web-based system to be used primarily by mortgage lenders that will provide real time information about closing activity, and also act as a "back end" fraud deterrent, addressing fraud issues affecting mortgage closings nationwide.
Mountain Lakes, NJ (PRWEB) June 29, 2006 -- Ciercus Systems, Ltd., announced today that it would shortly release a new proprietary web-based system for use primarily by mortgage lenders that will provide real time information about closing activity, and also act as a "back end" fraud deterrent, addressing fraud issues affecting mortgage closings nationwide. With FBI statistics reflecting rising levels of mortgage fraud, and lenders shelling out almost $30 Billion in reported losses from mortgage fraud in 2005, the need for fraud detection and deterrent systems has grown considerably. While there are several software systems available to assist mortgage lenders in loan origination and underwriting, there has been no method for lenders to actually "enter the closing room," prior to the development of the Ciercus System.
Ciercus President, Andrew Liput expects the fully customizable system to appeal to warehouse lenders, mortgage banks, and title insurance underwriters, each of whom have an important financial stake in what happens at the real estate closing table. Liput said, "The Ciercus System is a revolutionary approach to mortgage loan closing practices. It transforms the closing preparation and ceremony process, one that has not changed in many years, to help deter closing table fraud, and provide timely copies of key closing documents and comprehensive reports of closing details. These documents and reports are critically important to enhance a lender’s comfort level when wiring funds, and also to help in loss mitigation efforts. " He added "discussions have been underway for months with key industry leaders about strategic partnerships to make the Ciercus System an industry standard." The company expects the system to be available to the marketplace by August this year.
The idea behind the product was created in 2001, but the actual system has been under development for 2 years at a cost of more than a quarter of a Million dollars.
Ciercus stands for "Closing Industry Electronic data Registration, Collection and Utilization System."
Source: Ciercus Systems, Ltd.