FAQ

A. CIERCUS Systems SettlementPro product is a web-based data collection and reporting service that enhances the loan closing process. Closing agents are required to enter information critical to a lender prior to closing, and also to fax into our database key closing documents. The system acts as a deterrent to mortgage fraud and also provides retrievable data for future reference by lenders who need to know what happened at the closing.

A. Yes, you may tour the site by clicking the 'TOUR' button on the main navigation page.
You may also download a PowerPoint presentation (also available on the 'Tour'
page) that will further explain how the SettlementPro product works, and how it will
help your company identify key information to help stop the loss of income caused by mortgage closing fraud.

A. It is estimated that last year warehouse banks, mortgage lenders and title insurance underwriters lost almost $30 Billion Dollars to mortgage fraud. With the average loan in the Northeast at $225,000 per transaction, one or two fraud loans can cripple a lender. The CIERCUS SettlementPro product is available as a transparent, private-label system, for an initial registration/license fee, annual hosting and data storage fees, and a nominal per transaction service charge. For a detailed listing of all costs and fees you can email us at sales@ciercus.com. Using SettlementPro will also help reduce labor costs, as the system is fully automated, saving the manpower typically needed to gather loan closing data, or to search for relevant data when faced with a post-closing problem. The cost of not using SettlementPro far outweighs the nominal user fees for the service. Some lenders may see savings of Hundreds of Thousands of Dollars each year.

A. Studies show that most fraud at the loan origination stage or "front end" is addressed by quality control procedures in place already with lenders. However, the fraud that slips through is either undetectable at processing and underwriting, or is designed to take place at the closing table, or the "back end". The CIERCUS SettlementPro product fills the gap, and provides a lender with key data collection and fraud deterrent protection at this critical stage of the loan transaction.

A. The SettlementPro product does not require any additional information or other resources a closing agent, other than those already being utilized at some stage of the closing process. This revolutionary new system simply requires that certain customary steps be completed before closing, and that key documents relied upon by a lender in closing a loan be supplied in advance. These documents can be sent from any fax machine and are automatically scanned into the numbered SettlementPro data base created for that particular transaction. Our clients report that it takes, on average, 5 minutes to register a loan transaction in the confidential database.

A. CIERCUS Systems has developed exciting and easy-to use proprietary enhancements to SettlementPro that will further close the fraud gap at the closing table. Stay tuned for more announcements shortly about these product enhancements. Clients who register within the next 90 days will be able to obtain the enhancement without charge. CIERCUS has also developed two additional products/services in a three tier attack on closing fraud: Professional Assurance is a closing agent certification system, and Mortgage QC offers professional consuting services to address fraud detection and loss mitigation.

A. Email us at info@ciercus.com, or call a CIERCUS representative toll free at 1-888-4CIERCUS and get started building a transparent, private label system for your company that can be working for you within 30 days.