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PRESS RELEASE


Loan Closing Greatest Fraud Deterrent

TransMedia To Publicize How Ciercus Systems Can Protect Against Mortgage Fraud Predicted To Exceed $1 Billion -New Technology Puts Lenders At Closing Table And Identifies Who's Who


 
BOCA RATON, Fla. -- (Oct. 2, 2006) Ciercus Systems, a pioneer in preventing mortgage closing fraud that is reaching epidemic proportions, has retained TransMedia Group for a multi- tiered publicity campaign.

The proprietary software offers innovative settlement agent registration, closing document collection and data reporting which provides the mortgage industry with complete loan information that for the first time puts lenders at the closing table and identifies who's who at the most important transaction in most people's lives.

In 2005 alone, mortgage fraud costs banks and lenders over $50 billion and mortgage fraud in general is expected to exceed $1 billion this year in what is generally called "an epidemic."

The closing process has left companies susceptible to scams due to the lack of knowing who is at the closing table. Developed in 2005 by Andrew Liput, a Senior Vice President & General Counsel for US Mortgage Corporation, the Ciercus system focuses on the back end of the loan process and is used with existing fraud protection measures. As a deterrent, lenders are able to have key documentation and immediate details about each closing.

"The Ciercus system is something the mortgage industry needs as much as a cruise ship passenger needs a life jacket in a storm," said Tom Madden, CEO of TransMedia Group... It's the greatest deterrent for mortgage closing fraud that exists today and all lenders and closing participants should be insisting on it," he said. "Mr. Liput has put his experience as a loss mitigation specialist to brilliant use in creating a solution to fraud at real estate closings."

"With TransMedia's real estate experience, we feel they have the resources to promote this solution to mortgage closing fraud," said Andrew Liput, Founder of Ciercus Systems. "By installing this program, lenders and banks will save money and prevent billions of dollars from being stolen annually."


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