Property Fraud Prevention releases real-time fraud reportsMortgagePress.comPFP Reports, Property Fraud Prevention LLC, Gloria Lorentson, Warren Burgess
Property Fraud Prevention LLC, has unveiled its new PFP Reports,
an online software system that allows lenders and title companies
to track real-time activity by running reports that can reveal
property fraud schemes at any time in the loan processincluding at
the closing table.
With the cost of mortgage fraud in the United States estimated
at up to $6 billion annually, Gloria Lorentson, president and CEO
of Property Fraud Prevention and the visionary behind the software
system, said the timing couldnt be better for the industry to
invest in her company's product.
"Mortgage fraud cases have been on the rise in recent years and
our current economic situation is causing an even greater increase
in fraud cases," said Lorentson. "Our PFP Reports software system
is a powerful tool that provides up-to-the-minute information and
can reveal potential fraud schemes before a loan is funded."
With PFP Reports, the mortgage industry can help identify
fraudulent activities, reducing the risk of loss. Subscribers can
easily and securely run real-time reports using the software that
allows title companies and mortgage lenders to communicate without
invading each other's databases. The PFP data is stored
indefinitely in a secure database and becomes more powerful with
each transaction.
"The software helps identify inconsistencies in data and alerts
subscribers that they may want to investigate further," explained
Warren Burgess, project manager and architect who designed the
system. "Our reports are intended to provide data security, data
integrity, and real-time responses to subscriber submissions."
Common fraud schemes that can be revealed using PFP Reports
include:
• Multiple companies processing loans for the same
property
• Duplicate title orders
• Unqualified or previously rejected buyers
• Property being sold to multiple buyers
• Buyers attempting multiple loans
• Dramatic increases in appraised value
For more information, visit www.propertyfraudprevention.com.
