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AMT
News
January
12 , 2001
Press Release
SOURCE: Comdisco Acquisition Group
AppIntell
Completes a Financing Led by Citigroup
New
York, NY, January 12, 2001 – AppIntell,
Inc., formerly known as New City Asset Management,
a leading developer of online fraud detection
and data integrity verification software
for mortgage applications, today announced
the closing of an equity investment led
by Citigroup and including Millennium 3,
a venture capital fund.
Citigroup's investment is primarily targeted towards accelerating the growth of AppIntell's key fraud detection products DisscoTM (Data Integrity Search & SCOre) and FradarTM (FRAud Desktop Appraisal Review) systems. Dissco and Fradar, the first web enabled fraud prevention systems, are emerging as the fraud detection tools of choice for both credit applications (i.e. Mortgage Application Form 1003) and collateral valuations (i.e. Appraisal). Blind sample test results of current Dissco and Fradar users, including six "top 20" lenders, indicate an 82% to 98% accuracy rate in identifying fraud or other types of critical data integrity errors in mortgage applications and appraisals.
"This investment will enhance AppIntell's ability to grow its unique fraud detection products in order to meet the expanding demand for fraud protection in today's lending industry," explains Steven Halper, Chairman of AppIntell. "As record high fraud losses and predatory lending claims bankrupt an alarming number of lenders, pre-funding fraud protection is emerging as an essential survival strategy. Broader acceptance of Dissco and Fradar fraud (data integrity) scores, as an industry standard benchmark, is gaining momentum with mortgage wholesalers, retailers, investors, insurers and warehouse banks. Dissco and Fradaršs real-time scoring technology allows the daily analysis of thousands of loans with results automatically integrated into lenders existing loan origination systems. Immediate benefits include enhanced risk management abilities, lower origination costs and lower default risk."
For
further information please contact:
Steve
Wasserman or the team at AMT Capital at,
email: info@amtcap.com
phone: 1-800-519-0533 or 212-877-1588
website: www.amtcap.com
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