Mountain Lakes, N.J. -- (July 13, 2006) Ciercus Systems, Ltd., announced today that it had acquired Professional Assurance, Inc. and Mortgage QC Professionals to provide additional mortgage fraud fighting tools to its Internet based platform of services.
On June 28, 2006 Ciercus announced the launch of its proprietary web-based “back end” closing table fraud system for use by mortgage lenders, warehouse banks and title underwriters. The system is the first of its kind to address fraud at mortgage loan closings.
Professional Assurance, Inc. offers closing agent certification services that provide mortgage lenders with access to a settlement agent data base with verifiable credentials, experience and references.
Professional Assurance Certified Closing Agents (PACCA) meet verifiable standards of professionalism, have established their licensing credentials, escrow account information, professional liability insurance coverage, have demonstrated relevant industry experience, and have provided at least three, verified professional references attesting to their competency in mortgage closing transactions. Professional closing agents enjoy a public platform to offer their services to mortgage lenders nationwide.
Mortgage QC Professionals provides mortgage bankers and brokers a comprehensive product offering of critical quality control components and related services designed for mortgage bankers or brokers who either lack qualified staff with which to perform these key functions, or have previously opted to outsource these areas of the business to various vendors. In addition to these quality control-related services, Mortgage QC Professionals also specializes in providing regulatory compliance audit services for mortgage lenders, as well as a complete spectrum of loss mitigation services.
By integrating these companies and their services into the Ciercus System product platform, Ciercus hopes to become a valuable resource for fighting fraud in the mortgage industry.
Ciercus President, Andrew Liput told a news conference that “this new merger of services offers the industry important new tools in the fight against mortgage schemers. With losses last year from mortgage fraud in the Billions, most of it caused by insiders, such as realtors, closing agents and straw buyers, our industry needs new technologies to combat closing table fraud. Together with the Ciercus System, Professional Assurance and Mortgage QC Professionals give lenders the tools they need to close the loop and stop closing table fraud. We are excited about this new development.”
Ciercus stands for “Closing Industry Electronic data Registration, Collection and Utilization System.”
Ciercus Systems, Ltd. is a New Jersey corporation founded by mortgage industry professionals who have a combined 40 years experience in origination, underwriting, compliance, regulatory and banking law matters related to mortgage lending. The Ciercus System is the result of years of planning and development and is in direct response to the rising levels of mortgage fraud that are crippling the mortgage industry.
SOURCE: CIERCUS SYSTEMS, LTD.