GMAC Residential Funding, Minneapolis, has announced that it will offer services by The Prieston Group designed to help its lenders significantly reduce mortgage fraud.The services, called TPG Mortgage Assurance Solutions, include insurance that helps mitigate losses in the event of a repurchase request for financial misrepresentations made to the lender, GMAC RFC said. "The primary focus of the TPG solution is on lenders' business practices," said Prieston Group chairman Arthur Prieston. "By providing the training, tools, resources, experience, and expertise to improve those practices, we believe our clients experience lower fraud incidence rates, improved quality production, and enhanced professional reputations and investor relationships." When a repurchase request does occur, the insurance component of the services kicks in. The repurchase remedy "can destroy a lender's business, and often doesn't achieve the result the aggregator or investor is seeking," Mr. Prieston said. "Our approach is to provide financial security to the investor, while protecting and improving the lender's business." The companies can be found online at http://www.gmacrfc.com and http://www.priestongroup.com.
