SOURCE: Red Viking

May 06, 2008 09:00 ET

Red Viking Announces the Availability of Automated Misrepresentation Insurance for the Mortgage Industry

First True Automated Misrepresentation Insurance Product to Market

AGOURA HILLS, CA--(Marketwire - May 6, 2008) - Red Viking Insurance Company, a wholly owned subsidiary of Odin Holding Corp, has released the first of its kind automated mortgage misrepresentation insurance program.

"For the first time, mortgage lenders and investors can mitigate their risk of fraudulent loans through the purchase of this unique line of specialty insurance," said Dave Thorson, President of Red Viking Insurance. He added, "After talking to several large financial institutions about new solutions for better and more comprehensive risk mitigation products, we realized that the ability to reduce the risk of fraud was critical to the long term success of the mortgage industry."

Unlike previous offerings based on manual file reviews, this insurance process is automated utilizing the Interthinx® FraudGUARD® product. After an independent initial review of a lender's loan programs and underwriting practices, the loan application will be processed through FraudGUARD. Red Viking will then determine if the loan can be insured against fraud.

Mortgage lenders and investors are increasingly aware of the importance of quality control management in both the buying and selling sectors of the industry. In response to this growing security need, Red Viking's misrepresentation insurance offers the ability to insure against losses associated with these risks and to budget for coverage rather than suffer exposure from variable fraud losses.

"With the introduction of this type of insurance, our customers no longer have to self-insure against this costly and unpredictable risk. We are proud to have FraudGUARD included in Red Viking's automated underwriting processes and recognized as a best-of-breed automated risk assessment tool by this pioneer in the insurance industry," said Kevin Coop, president of Interthinx.

About Red Viking Insurance

Red Viking Insurance Company is a wholly owned subsidiary of Odin Holding Corp, and its products will be exclusively administered by Thorson Specialty Insurance Services, a leading provider of risk management and insurance products to the financial services industry. For more information, visit www.redvikingins.com.

Contact Information

  • Media Contact:
    Dave Thorson
    (818) 338-8272

    Red Viking Sales
    (818) 540-3113 ext 115