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Fraudmit News:
February 18, 2008 - Pre-Funding Reviews - Fraudmit is please to announce the introduction of another quality control service for our customers. Pre-Funding Reviews have been designed to reduce errors and assist in preventing fraudulent loans.
February 25, 2008 - Fraudmit is pleased to announce the introduction of the ACES quality control software system into their business platform. The introduction of this software increases processing efficiencies and over all reduces turn-time on standard audits. ACES is capable of being interactive with Fraudmit's customers in order to improve communication during the audit process, as well as, allowing the downloading of XML loan files. ACES also allows Fraudmit the opportunity to offer their customer over 500 different types of reports, and customer reports as needed.
May 27, 2008 - Fraudmit, LLC., today announced a dramatic and beneficial advance in services. The company has instituted a new and innovative web based solution that allows clients to electronically upload and submit files for review using a secure FTP protocol. In addition to traditional methods of submitting loans, clients can now submit loans directly from their imaging system to Fraudmit, scan the files and upload them or fax documents directly into Fraudmit’s imaging system. All files, regardless of the method of submission, will be securely stored on the Internet. This will allow clients to view loan documents including loan level audit reports and reverification information 24/7 for up to 3 years. Both features are being introduced at no additional cost to Fraudmit customers. "We are excited about these new features", said Ralph LoVuolo, Jr. founder of Fraudmit, "eliminating the need to copy and ship files is a huge savings for our clients."
September 1, 2008 - Fraudmit is pleased to announce their newest addition to their Sales Team, Rui Chaves. Rui is the latest addition to the company’s sales force, and will take on the role as the North East Region Area Manager. Rui brings with him over 15 years experience in Executive Level Management within the mortgage industry. His recent positions were with AMX Lending as the East Region Sales Manager and Vice President of Regional Sales Center for Option One Mortgage. "We are very happy to have Rui join the Fraudmit team. He is well known in our industry for both his production experience, as well as, his sales personality," noted Tracey LoVuolo, Vice President of Sales and Marketing for Fraudmit. "This was a great addition for us as Fraudmit expands our national presence. Rui’s experience and passion for the industry makes him a welcomed addition to our growing organization."
September 1, 2008 - Fraudmit is also please to announce their newest member to their Auditing Team, Ann Webb. Ann joins Fraudmit as a Senior Auditor with a diverse mortgage background in; Processing, Underwriting, and Quality Control Auditing in both Wholesale and Retail. Prior to joining Fraudmit, Ann worked for Suntrust Mortgage, since 1984, and has been a Direct Endorsed Underwriter with the FHA since 1996. “We are really excited that Ann has joined our team, she is the perfect fit for our organization.” Added Ralph LoVuolo, Jr., President of Fraudmit.. “Her extensive experience and knowledge of government, conforming and non-conforming regulations and guidelines will complement the strength and expertise of our existing team members.”
Articles:
Financial Fraud is Focis of Attack by Prosectors - click here to read the full article
"Across the country, attorneys general have already begun indicting dozens of loan processors, mortgage brokers and bank officers", Don't let it be to late, introduce a Quality Control Program into your business today!
As F.H.A.’s Role Grows, So Does the Risk of Fraud - Click here to read the full article
If you don't have a quality control program in place you should!
Mortgage Fraud incients up 45%. Reported incidents of mortgage fraud grew by 45% in the second quarter compared to the year-ago period, as borrowers misstated their financial information to maneuver around tighter lending standards, industry data released Tuesday showed. Click here ot read the full article
From the March 2008 edition of "The Mortgage Press" . Featured article on dealing with Fraud in the mortgage business, by Ralph LoVuolo, Jr. Click here to read
September 7, 2008 - Do you have a “Red Flag” Identity Theft Program in place? Written by Ralph LoVuolo, Jr. Click here to read
Mortgage Regulatory Updates: Click Here
FHA Up to Date Mortgagee Letters: Click Here
Events:
FAMB State Convention-July 16th-19th, Gaylord Palms Resort & Convention Center
Florida Assoc. of Mortgage Brokers Central Chapter Convention - May 16, 2008
Winner of Fraudmit's door prize is Richard Medina - Century Mortgage Services, Inc.
Click here to see pictures from this event.
Toll Free: (800) 610-6680
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