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Freddie Mac reports Q4 and full-year 2008 financial results

National Mortgage Professional
Mar 11, 2009

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.
Published
Mar 11, 2009
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