Two companies that offer services to the mortgage industry have partnered to offer a new mortgage fraud insurance product called DISSCO(TPG). AppIntelligence, a technology services provider, and The Prieston Group, which specializes in mortgage services related to fraud, announced the agreement today.
The new relationship will serve to enhance the AppIntelligence‘s DISSCO front-end fraud detection and prevention product with extended loan-level data integrity tools from The Prieston Group, which offers an integrated suite of mortgage fraud protection, mitigation, and indemnification services, according to the announcement.
The Prieston Group, founded in 1986, offers a proprietary Lender Representation & Warranty Insurance product, which protects thousands of lenders and over $50 billion in residential loans to date.
A Prieston Group official said that it is believed that DISSCO can reduce fraud, and in turn reduce the severity rates on insurance claims. “That will result in a significant savings we can pass along to our clients,” according to the announcement. “This solution is a reflection of our campaign to encourage the use of fraud prevention tools and the adoption of quality lending processes,” The Prieston Group announced.
Stephen Gott, chairman and CEO of AppIntelligence, said, “Partnering with (The Prieston Group) is an additional validation that our product has a direct effect on fraud reduction, and we are proud to be recognized in this way for our commitment to this critical area of the industry.”
He added, “The costs of fraud can be significant, both in terms of damage to a company’s finances as well as damage to its reputation. DISSCO(TPG), however, provides comprehensive protection. The insurance coverage available as part of the solution is unique in the industry.”
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