FOR IMMEDIATE RELEASE
Contact:
Media Relations for Sysdome
(800) 333-4510, ext. 333
(678) 781-7209
Fraudcon Seminars Take Scared Straight Perspective to Mortgage Industry Employees
–Ex-con mortgage professional partners with Sysdome, redefines lines between aggressive
loan origination and fraud, identifies human element as key to risk-
Calabasas, Calif., January 17, 2005 - Sysdome, Inc., an Internet-based, high-speed technology provider of fraud
prevention and audit support tools for the mortgage industry, is now partnering with Jerome Mayne of Fraudcon, Inc., to
use the cathartic technique of personal testimony to help establish fraud awareness when training mortgage companies
and speaking at industry conferences.
Mr. Mayne, a former mortgage professional, now often described as “the mortgage industry’s Frank Abagnale,” was
convicted and received a 21-month sentence for conspiracy to commit mail and wire fraud while engaged in a wide scale
property-flipping scheme. Mayne provides a walking cautionary tale of how proactive brokers can, and often do drift
toward fraud too easily. Now partnering with Sysdome, Mayne combines his story of mortgage crime and punishment
with practical training to provide solutions designed to help lenders recognize the signs of fraud. Curriculum includes:
Defining fraud, anatomy of property flips, how to recognize straw buyers, loan file red flags and real world case studies
where strategic technology would have prevented fraud. Sysdome finds that providing Mayne’s personal example and
consequences in concert with fraud prevention education creates long-term retention among lending professionals.
With Mayne, Sysdome demonstrates the effects of industry fraud and defines a window of preventative maintenance for
lenders. Mayne’s targeted message remains invaluable to lenders seeking to deter criminal activity, primarily because
the FBI’s recent House testimony said that industry insiders account for 80 percent of all current mortgage fraud. The
FBI defined industry insiders as appraisers, accountants, attorneys, real estate brokers, mortgage underwriters and
processors, settlement/title company employees, brokers and loan originators.
“While lenders look to predict risk, there’s one variable they can’t predict—the human element, and exactly when
insiders decide to commit fraud,” said Jerome Mayne, of Fraudcon. “Had tools like Sysdome’s fraud software been
available when I committed fraud, those loans would have never made it to underwriting. Identifying risks prior to
underwriting and before losses occur is key to beating fraud. My story seems to have made an impact on the human
element factor.”
“Sysdome is proud to offer a unique approach to fraud, offering the industry a frontline perspective to the pressures of
originators and many professionals every day,” said Kevin Coop, COO of Sysdome. “Our goal is that the Fraudcon
seminars will raise awareness, help identify misconceptions and ultimately lead to new practices and training among
companies concerned about loan quality.”
About Sysdome
Calabasas, Calif.-based Sysdome Inc., is an Internet-based, high-speed technology service that prevents fraudulent
loss, reduces risk, streamlines loan processes, and consolidates vendor relationships for mortgage lenders. Founded
in1998, Sysdome supports more than 450 mortgage lenders throughout the United States with its Decision-Support
solutions including Electronic Loan Review (ELR), Third Party Review (TPR), Third Party Originator (TPO) Management
Program, PredatorX/E Compliance and Predatory Auditing Solution, Fraud Seminars and Educational Services, Asset
Searches, Directed Audit Services, and Pre-funding Comprehensive Screening Audits. For more information about
Sysdome, visit www.sysdome.com.
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