Finance Articles

Ciercus Systems Announces Important Enhancement To Settlement Pro Mortgage Fraud System

Mountain Lakes, NJ (PRWeb) December 20, 2006 -- New Jersey based Ciercus Systems, Ltd., 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."

About Ciercus Systems:
Ciercus Systems, Ltd. is based in Mountain Lakes, New Jersey and is an innovator in closing fraud technology and related services. The company can be reached toll free at 1-888-4Ciercus or through its website at www.ciercus.com.

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