Agoura Hills, CA, January 29, 2008 — During a time of significant industry correction, Interthinx®, the leading provider of proven risk mitigation, mortgage fraud prevention and regulatory compliance tools for the mortgage industry, will continue its leadership role and provide mortgage bankers and law enforcement another free training tool necessary to combat the newest forms of mortgage fraud in the wake of record foreclosures.
In response to industry demands, Interthinx has announced plans to follow the success of its multi-award winning mortgage fraud detection training film, FSI: Fraud Scheme Investigation, with a more advanced training film entitled Fraud Angels. Like its predecessor, Fraud Angels was inspired by actual events and will parody a popular television series to deliver complicated training material to today’s financial institutions employees in an accessible way. More than 30 mortgage industry professionals dropped competitive boundaries to volunteer their time as story consultants and/or participants in the creation of the film, which just wrapped production. Fraud Angels is scheduled to premiere at the MBA’s (Mortgage Bankers Association’s) National Fraud Issues Conference on March 13th, 2008.
Written by Emmy® Award winner, Mary E. Harris, Fraud Angels will involve two different and equally pervasive mortgage fraud scams that reach a crescendo as one large, potential crime against a single lender. Mike Stuckey, expert story consultant and cast member of Fraud Angels, noted, ”This intermediate/advanced level of training will cover the anatomies of the insidious scams portrayed in the film, the red flags within the loan files uncovered by both technology and solid underwriting practices, emerging mortgage fraud scams, and the latest information on risk mitigation technology.”
“Investors and the GSE’s [Government Sponsored Entities] must apply a zero-tolerance approach to mortgage fraud. That is the only truly effective way to fight the overwhelming level of mortgage fraud and the newest scams in an environment of record high foreclosures,” stated Connie Wilson, executive vice president for Interthinx. “Lenders/sellers should be required by investors to run statistically proven risk mitigation tools on 100 percent of loan volume and to conduct comprehensive fraud detection training for all employee learning levels,” she continued. “Anyone who makes the mistake of ignoring this two-tiered approach of training and technology stands to expose themselves to criminal activity, high risk and ultimately, loss in an unforgiving market.”
“Fraud Angels is a tremendous free training tool from Interthinx that will communicate the importance of corporate citizenship and integrity, quality control, and keeping a watchful eye during a time when fraudsters will change their tactics and target new victims,” concluded Rose Wolfe, story consultant, cast member and Vice Chair of the Mortgage Banker’s Association’s Fraud and Ethics Committee.
Although inspired in part by a true incident, Fraud Angels is fictional and does not depict any actual person or event.
Interthinx, Inc., an ISO business, is the nation’s leading provider of proven risk mitigation and regulatory compliance tools for the financial services industry. Used at every point in the mortgage lifecycle to prevent mortgage fraud, compliance violations and to assess risk, Interthinx is relied upon by more than 1,400 customers, including 15 of the top 20 mortgage lenders and three of the top five largest financial institutions. With technology that earned Mortgage Technology Magazine’s prestigious 10X Award as “a diagnostic and corrective solution of the highest order,” Interthinx expertise in predictive analytics, data mining, and risk scoring sets the standard for the industry and directly increases the value of client portfolios. For more information, visit www.interthinx.com or call (800) 333-4510.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets.