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Special Reports
Fraud Detection
Sysdome's New Release to Help Find Property Flips
CALABASAS, CA -- Sysdome here will pay close attention to property flipping
and inflated valuation schemes going forward with its latest release of Electronic Loan Review slated for debut
in the first quarter of 2005.
Currently, ELR is on version 5.1 and Sysdome is in the middle of a phased rollout
of version 6.0.
"We're in the middle of a phased release to be done in Q1," said Jeff
Moyer, vice president of sales and marketing at Sysdome. "We'll focus more heavily on collateral valuation
and include enhancements to the AVM and property flip analysis functionality as well as offer additional data access.
"Specifically, we'll allow users to get more property data," he said.
"This latest version will also have a new property management platform embedded. There will also be new alerts
added, with most focused on collateral review.
"We're utilizing regional MSA information to get information that can be
drilled down further then just the federal level," he reported.
Mr. Moyer sees a need for this release because both "property flipping and
overvaluation continue to plague the mortgage industry," he believes. "Making it more problematic is
the simple fact that it isn't a problem that is specific to any one area of the country. It's always moving around
from place to place, which is why we've focused on this area in our enhancements."
As a compliment to the update, Sysdome will embark on a very directed fraud training
campaign as well.
"We're also going to focus on customer training," said Mr. Moyer. "We'll
educate people on the latest fraud trends and how they can utilize tools to prevent fraud from happening.
"Along the course of that campaign we will promote our relationship with
Jerome Mayne, a convicted felon and ex-mortgage broker, who will bring his real-life experiences to the table in
order to shed light on the impact that mortgage fraud can have," he said.
Nonetheless, Sysdome will also continue to focus on other types of fraud like
identity theft throughout the course of 2005.
"Identity theft continues to be a problem," said Mr. Moyer. "It's
one of the big charges we have here at Sysdome. Our ELR and SafeCheck products are designed to combat this issue."
Sysdome also released two products, Third-Party Review and BrokerScore, to take
a look at fraud within the broker community.
"Broker fraud is a growing area of concern," he continued. "We're
combating it through our ELR, TPR and BrokerScore applications.
"Lenders can now turn over their broker review processes to Sysdome and focus
more on their core business, closing loans," pointed out Mr. Moyer.
As Sysdome adds to its list of TPR customer roster and the number of mortgage
brokers that they review, the technology could very well form the basis for a national broker registry.
In fact, Sysdome was in talks with the National Association of Mortgage Brokers
last year to move the technology available through both TPR and BrokerScore in this very direction.
Sysdome has been in business since 1998. The company focuses on fraud detection,
compliance and third-party due-diligence solutions.
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