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Advantage Credit Joins Coalition Against Broker Fraud
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Added: 03/17/2006
Type: Summary
Viewed: 622 time(s)
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Advantage Credit Joins Coalition Against Broker Fraud
Advantage Credit has joined the newly-formed Coalition Against Broker Fraud, and Advantage’s president, Ron Litt, will accept a seat on the group’s board of directors.
Advantage Credit is the only non-originator company in The Coalition Against Broker Fraud and brings Litt’s fraud prevention experience to the group’s goals of combating insider mortgage fraud, one of the most difficult areas of perpetration to uncover. Litt has a unique dual perspective; as former SVP of Allied Home Mortgage Capital Corporation, he worked with fraud issues as a broker/lender, while at Advantage he develops the tools needed by the industry as a whole.
“Ron has his finger on the pulse,” said Mitch Freifeld, president of Global Branch Solutions, LLC in Clearwater, Florida. Freifeld, chairman of The Coalition Against Broker Fraud, cited Litt’s Allied experience as an important factor in his recruitment to the board. “He’s ideal for this project as he’s run the infrastructure of a large mortgage firm. We’re glad to have him on board,” Freifeld continued. Global Branch Solutions is the fourth largest and fastest-growing branch operation, with 400 branches, 3,000 originators and $5 billion in loans funded.
Advantage Credit will also boost The Coalition Against Broker Fraud’s knowledge of fraud prevention with its LoanShield technology. LoanShield compares and validates loan data from three critical sources of mortgage fraud: borrower, property and insider—a combination not frequently found in other industry fraud tools. LoanShield data may later enrich the group’s data repositories.
“Reducing fraud is one of the top focuses for Advantage Credit,” said Litt. “The costs and consequences can easily affect our business by damaging the business of our customers, especially large clients like Global Branch Solutions. The Coalition Against Broker Fraud, under Mitch Freifeld’s leadership, will reinvent how the industry deals with the insider issue,” Litt concluded.
The Coalition Against Broker Fraud is compiling data on brokers who have participated in fraud or who have otherwise left a trail of problems in their wake. These brokers often keep their pasts hidden and move to other companies. The new companies may not learn about previous firings or fraud until it has been committed in their own backyard.
The method for the group’s data exchange will be a bulletin board application. The project is in its finishing stages, and will start with a staggering 8,000 to 10,000 names.
“We’re about 30-45 days away from launching,” reported Freifeld. Initially, usage will be restricted to the 11 member companies, with the goal of being made available to non-members through a legally compliant process in which users are screened for access rights.
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