IF THIS IS TRUE: "TPG was founded in 1986 by Arthur J. Prieston, one of the country's foremost experts on mortgage fraud (THEN COME UP WITH A WAY TO OFFER HOMEOWNERS A WAY TO PROTECT THEMSELSVES AGAINST LENDER FRAUD!). TPG was the first U.S. company to offer insurance covering repurchase losses due to mortgage fraud and material financial inaccuracy; to date, it has written fraud-insurance coverage on more than one million loans."
Sept. 13, 2011, 4:59 p.m. EDT
AllRegs and The Prieston Group Join Forces to Offer Mortgage Industry Risk Assessment Resources
EAGAN, Minn., Sep 13, 2011 (BUSINESS WIRE) -- AllRegs and The Prieston Group, Inc. (TPG) today announced a joint relationship to offer risk assessment resources to the mortgage industry. Together the two companies will build on existing tools, processes and resources to provide real-time corporate level risk assessment tools and benchmarks. Both organizations have agreed to a multi-year commitment. Research and development, technology infrastructure, product development and various other capital resources will be invested by both organizations to create a new suite of risk assessment resources and benchmarks.
"For over 10 years, I have known the great work that TPG has been providing to the industry," says Dan Thoms, executive vice president for AllRegs. "The innovative insurance products, statistical knowledge about risk and performance, and legal resources available through TPG are exceptional. We believe that our combined forces, together with our business intelligence tools, industry distribution capabilities, and other AllRegs core competencies will create a suite of powerful new products and services for the mortgage industry."
"For 22 years AllRegs has provided extraordinary tools and resources to the mortgage industry, and we at TPG are excited to begin a valuable and meaningful relationship with such an innovative company," said Arthur Prieston, chairman of TPG. "We are excited to bring together our resources and provide the mortgage industry with risk assessment tools that will impact the way business is conducted in the future."
AllRegs, founded in 1989, provides guidelines, federal and state compliance, information, forms, content and business intelligence for the mortgage lending industry. Used by virtually all of the top 100 lenders and in various government agencies, products include single and multifamily underwriting & insuring guidelines as well as federal compliance laws and regulations, state compliance laws and regulations with plain-language analyses, policy and procedure manual templates, training opportunities, contract publishing services and a library of historical guidelines.
TPG was founded in 1986 by Arthur J. Prieston, one of the country's foremost experts on mortgage fraud. TPG was the first U.S. company to offer insurance covering repurchase losses due to mortgage fraud and material financial inaccuracy; to date, it has written fraud-insurance coverage on more than one million loans. The company also provides training and consulting services designed to minimize fraud risk and uses a patented lender-rating system to quantify the risk embedded in a lender's underwriting, quality control and review practices. The American Mortgage Law Group, PC (AMLG), a mortgage law practice founded in 1981, is a TPG affiliate.
To learn more about AllRegs, visit www.allregsmortgage.com or call (800) 848-4904, Monday through Friday, between 8:00 a.m. and 6:00 p.m. CT. For more information about The Prieston Group, visit www.priestongroup.com .
About AllRegs First introduced in 1989, AllRegs is used by virtually all of the top 100 lenders as well as throughout numerous governmental agencies, including Fannie Mae, Freddie Mac, the FHLBs, FHA, VA, RHS, Ginnie Mae, and more. AllRegs is the exclusive electronic publisher of the Fannie Mae and Freddie Mac Single and Multi-Family Seller/Servicer Guides and The Federal Home Loan Banks' MPF Program Guidelines. Products include single and multifamily underwriting & insuring guidelines as well as federal compliance laws and regulations, state compliance laws and regulations with plain-language analyses, contract publishing services and a library of historical guidelines. The educational division, AllRegs Academy, offers distance learning, classroom training and practical guides. For more information, call (800) 848-4904 or go to www.allregsmortgage.com .
About The Prieston Group The Prieston Group offers the only fully integrated suite of mortgage fraud protection, mitigation, and indemnification services in the industry.
Called TPG Mortgage Assurance Solutions(TM), these services provide lender due diligence and data integrity, fraud loss insurance and repurchase protection, and legal consultation for loss mitigation and recovery. Founded in 1986, the company's patented proprietary Lender Representation & Warranty Insurance(TM) has protected thousands of lenders and over $50 billion in residential loans to date. TPG has been an industry leader in fighting mortgage fraud, supporting lenders, aggregators, investors, and issuers, as well as working closely with rating agencies, industry representatives, and government and legislative agencies. For more information about The Prieston Group, please visit www.priestongroup.com . The American Mortgage Law Group, PC (AMLG) has its roots in the original Prieston Law Firm, a mortgage law practice founded in 1981.
AMLG's legal practice is focused on mortgage fraud resolution and related matters.
AMLG has successfully resolved hundreds of cases and saved clients millions of
dollars. Learn more at www.americanmlg.com .
Krista Sabol, 651-289-4809
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