Property Fraud Prevention LLC has unveiled PFP Report, an online software system that allows lenders and title companies to track real-time activity by running reports that can reveal property fraud schemes.
‘The software helps identify inconsistencies in data and alerts subscribers that they may want to investigate further,’ says Warren Burgess, the system's architect. ‘Our reports are intended to provide data security, data integrity and real-time responses to subscriber submissions.’
PRP Report allows title companies and mortgage lenders to communicate without invading one another's databases, the company says. Data are stored indefinitely in a secure database and become more powerful with each transaction.
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, and property being sold to multiple buyers.
SOURCE: Property Fraud Prevention