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PRESS RELEASE


Loan Fraud Solutions Awarded

The Interthinx combination of leading edge technology and innovative training merits top honors

 
Agoura Hills, Calif.--(Nov. 2, 2006) -- Interthinx(TM), (www.interthinx.com) the leading provider of comprehensive fraud prevention, compliance and decision support tools for the mortgage industry and an ISO division, is the proud winner of the 2006 Mortgage Technology Magazine 10X Award. Given annually to recognize technology that has exponential effects on mortgage processes, the 10X Award was presented to Interthinx during ceremonies held on Sunday Oct. 22, 2006 at the University of Chicago's Gleacher Center.

With the selection of Interthinx, the judges noted the seriousness of the mortgage industry's exposure to fraud and commended Interthinx "as a diagnostic and corrective solution of the highest order." The award went on to state, "what particularly stood out about the Interthinx entry was that it was backed by confidential fraud figures and testimonials supplied by major lenders. One lender, for example, documented some $1.2 million in fraud losses prevented over an 18-month period in some 1000 loans stopped before funding based on an Interthinx review."

In serving 15 of the top 20 lenders, Interthinx combines its National Fraud Protection Database with advanced technology and data collection to offer a powerful fraud detection system credited with increasing the value of more than 1100 of its clients' portfolios and business processes. The impact of FraudGUARDŽ, its most comprehensive and progressive risk evaluation tool to date, as well as the innovative approach to training evidenced by the release of FSI(SM), a training DVD created and produced as an industry service by Interthinx were key elements in the selection for the award.

"Fraud has reached a pandemic level within the industry, with an estimated 80 percent of fraud perpetrated or assisted by an industry insider. To truly combat this epidemic requires a Herculean effort from the industry as a whole," said Kevin Coop, president of Interthinx. "Interthinx is firmly committed to providing the necessary tools to fight this assault head on. The receipt of the 10X Award showcases the outstanding advancements Interthinx has made in creating a front-end focus for preventing mortgage fraud rather than simply analyzing the problem once damage has been done by defaults and foreclosures."

In September, Interthinx announced the release of FraudGUARD, its next generation loan-level fraud detection solution for lenders and investors. By utilizing FraudGUARD, lenders and investors can significantly reduce loss due to fraudulent transactions, increase pull through rates, and improve loan quality by leveraging the most ample amount of proprietary and application data available in the industry.

FSI, the fraud detection and training video from Interthinx further demonstrates how the company uses the combination of technology and training to help diminish mortgage fraud. By way of parody of a popular primetime television program, FSI conveys the story of property flipping scheme inspired by actual events. Additionally, the DVD contains 25 chapters covering various ways fraud occurs in the mortgage lending process and what can be done to prevent it. For more information visit www.FSIMovie.com

SOURCE: Ciercus Systems

 
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