Secure Settlements Inc. (SSI) has created and published the mortgage industry’s first free non-governmental consumer information Web site. Located at knowb4youclose.com, the site offers expert tips, a glossary of terms, suggests a borrower’s bill of rights, and provides resources to report fraud.
The site is designed to empower consumers by helping them understand many of the complex terms and issues that comprise the mortgage closing process, while also instructing them what to expect when they close their mortgage loan. The site was conceived by Secure Settlements Inc. founder Andrew Liput as a means of getting critical information into the hands of borrowers as a further risk management and fraud prevention tool to support SSI’s settlement agent fraud evaluation and reporting services.
“In the wake of the CFPB’s decision to focus on improving the closing experience for consumers and also enacting controls and guidelines to reduce the risk of fraud losses, this Web site is a perfect complement to their efforts," said Liput. "Knowledge is power. We hope that every consumer preparing to close a mortgage transaction will visit this site to access important information and gain valuable tips to gain a better understanding of the process. We need consumers to drive better risk management industry-wide. They need proper information to do that.”