Over $530 billion
Closing Value Monitored
~ $90 billion
FundingShield is the market leading fintech firm offering plug’n play, scalable, cloud-based risk, compliance and fraud technology solutions to protect the Mortgage, Real Estate, Title, and Legal industries from wire fraud, social engineering attempts, injection attacks, and regulatory and compliance risk with third parties.
Fundingshield’s Solution for Closing Agent Management include our:
Wire account verification system (WAVS)
Transaction level closing agent due diligence
Verification of closing agent license / CPLS / UPL state compliance (Guardian service)
Approved closing agent list management
Payoff confirmation service
Insurance underwriter due diligence services
FundingShield provides the Industry’s highest level of protection against loss of funds due to inaccurate and/or insufficient documentation, diversionary wire practices or parties closing in excess of their coverage limits from closing agents or attorneys which could jeopardize closing protection letter (CPL) coverage.
Fundingshield is working with various groups to create a safer settlement environment that can keep up with pace of evolving risks posed by closing agent fraud.
Lender Trade Organizations
Technologists (Audit & risk system developers, blockchain focused groups)
GSE’s (Fannie and Freddie) Insurance Companies
Our Solutions for Mortgage Lenders (BANK, NON BANK)
Loan Level Wire Fraud Solutions
- You are working with authorized parties
- Accurate and enforceable closing/settlement documentation is provided
- All settlement funds are received by the bank of the actual licensed party
- Funding requests from settlement parties are to valid, authorized, and licensed accounts
Vendor validation and compliance checks
Streamline your funding requests with your warehouse lenders with our certifications
Our Solutions for Warehouse Lenders
Confirm bank account ownership on every client funding request
Certify funding requests and streamline operation costs
Create and share a live approved party list with clients
Our Solutions for Title Insurance Underwriters
Leverage our ecosystem of verified and vetted parties to automate functions
- Streamline agency network diligence
- Streamline agent on-boarding
- Live dashboard confirmation satisfaction of requirements for active agent status
Notifications and alerts through our data partner program
Enhanced risk management to control higher claims scenarios
Digitize corporate structure rules and approvals
Provide a secure communication portal for counter-parties and clients
Our Solutions for National or Regional Closing Agencies
Digitize corporate structure rules and approvals to streamline compliance requirements of lenders and underwriters
Secure communication portal for documents and funding requests
Track and manage individual agents within your network
Our Product Suite – Industry Leading Services
The Guardian Service
Guardian Service –A loan closing transaction level monitoring system that provides a loan level certificate of assurance confirming good settlement, valid CPL coverage, wire account confirmation (using our WAVs system), approved and authorized closing parties, licensing of agents and more on every closing.
FundingShield offers a unique transaction level service that certifies on each closing several factors allowing lenders to have full visibility and coverage from a:
- Compliance perspective (licensing, insurance, active agency approvals on every closing versus some interval and reliance on out of date databases or vendors who provide a database of latent non transaction based information).
- Risk management perspective (transaction level document verification for uncovered actions, documents, wire accounts)
- Wire fraud prevention strategy leveraging our WAVs system.
We do this on every loan, we give actionable intelligence and a “fund” or “don’t fund” decision versus others who give you a risk rating to interpret. The results are our clients save time and resources, have closing / funding / control / treasury operations teams that are empowered with an industry leading partner and
Wire Account Verification Service (WAVS)
- Industry’s largest database of actively managed and maintained bank information confirmed at the loan closing level.
Service Provider Compliance (SPC)
Third party service provider and vendor oversight automation system for a fully customizable vendor management, audit preparation, live approved party lists that can be used for pre-close, closing, post-close service providers and any W9 payee.
System designed to meet enhanced standards by the OCC to manage all vendors and create a live approved party list according to a lender’s, asset manager’s or investors own compliance requirements. The system automates document collection, compliance checks and audits as well as provides access to partners such as warehouse lenders, TPOs, brokers, correspondents, construction partners and more.
Ability to enforce use of only approved parties, create audit logs
Escalation management by vendor type.
Zero Upload work required (Vendors self register free of charge)
User’s set their own TSP or Vendor requirements per TSP/vendor type needed to be an approved party of the firm (the rule sets are often called a “schema”) which could include documentation, contracts, background checks, licensing, insurance etc. No vendor pays Fundingshield to be approved they must meet client requirements
User uploads name and email list of TSP / vendors
System auto invites the TSP / Vendor into system & each TSP enters all information, not you the user!
User can set customized control queries on any type of TSP/Vendor type managed in the system to create queries and audit logs confirming use of approved parties throughout the loan fulfillment cycle.
New York State Closing Attorney Enhanced Crimes Policy Screening
Fundingshield’s data and analytics allow lenders to obtain enhanced crimes policy coverage from their New York State Closing Attorneys. The policy covers partner theft of client funds held by the attorney. This coverage is currently excluded by all other crimes policies in the market.
The insurance is held and obtained by the closing attorneys of the lender by applying and submitted documentation through our secure portal. Further information can be found by following this link.
Our Guardian loan closing Certificate is under a 24 hour SLA where we can accommodate same day rush requests within an hour.
Wire Account Verification System requests are supported instantly.
SPC / vendor / agency / broker management systems can be set up and deplyed within hours.
Our loan closing level services have never caused a delay in closing.
The best technology solutions are simple to use and access, FundingShield delivers seamless deployment of its product suite of services via generic or customized APIs, via an existing and test web based user interface or through a custom integration.
Your staff are training within hours.
Fundingshield provides actionable transaction level intelligence. We do not provide risk ratings and our services range from wire confirmations to closing reviews of CPLs, closing agents, wires, documents and much more at the time of closing. We give binary pass / fail intelligence that we stand behind unlike others in the industry who provide ratings or compliance at a single point in time.
Call to learn more about live data validations…
Partnership enables lenders to access FundingShield’s Guardian Service for closing agent vetting and wire fraud prevention at the transaction level using its market leading fintech tools ...read more
NEWPORT BEACH, Calif. (October 9, 2019) – FundingShield, an industry leading innovator within the mortgage fintech industry, is pleased to announce that its wire fraud prevention software products, Guardian Service and Wire Account Verification Service, have received...read more
FundingShield announces a strategic partnership with Tavant to integrate into Tavant VELOX’s FinConnect enterprise bus
Solution to seamlessly provide lender and consumer wire fraud prevention tools NEWPORT BEACH, Calif. (August 19, 2019) – FundingShield, an industry leading innovator within the mortgage fintech industry, is pleased to announce a strategic partnership with Tavant....read more
FundingShield partners with FormFree® to Deliver Enhanced Wire Fraud Protection to FormFree’s Network of More than 1,000 Mortgage Lenders
Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants Newport Beach, CA – July 11, 2019 – FormFree® today announced that it has entered into a strategic alliance with FundingShield, a fintech firm that...read more
FUNDINGSHIELD ANNOUNCES INTEGRATION WITH ENCOMPASS BY ELLIE MAE Partnership enables lenders to access FundingShield’s Wire Account Verification Service (WAVs) through leading digital mortgage technology Newport Beach, CA – May 16, 2019 – FundingShield, a market...read more
FundingShield joins IBM Cloud as IBM's first MortgageTech partner delivering API based solutions driving innovation to the financial services space. MortgageTech – Wire fraud prevention firm FundingShield works with IBM Cloud for Financial Services to bring cloud...read more
FundingShield, LLC - Newport Beach, Calif. – Jan. 8, 2019 FundingShield is pleased to announce that Faith Schwartz has joined its senior advisory board. She brings a wealth of experience and relationships stemming from her leadership in the lending, fintech,...read more
Fundingshield announces Jim Svinth, Former EVP Risk Management of LoanDepot, joins its Sr. Advisory Board
PRESS RELEASE: FundingShield, LLC - Newport Beach, CA – September 6, 2018 It brings FundingShield, LLC great pleasure to announce that Jim Svinth has joined its Senior Advisory Board. Jim is a seasoned business leader with 30+ years of financial and operations...read more
PRESS RELEASE: FundingShield, LLC - Newport Beach, CA – August 1, 2018 FundingShield, LLC ("FS") is pleased to announce Jerry Halbrook has joined its Senior Advisory Board. Jerry brings with him 34+ years of leadership experience in mortgages, banking, title and...read more
FundingShield, LLC - Newport Beach, CA – January 29, 2018 FundingShield, LLC ("FS") is pleased to announce Stergios “Terry” Theologides has joined its Senior Advisory Board. Terry brings with him more than 20 years’ experience as an executive overseeing mortgage...read more
San Diego, Calif. – December 7, 2017 The Mortgage Collaborative, the nation’s only independent mortgage cooperative, today announced the addition of FundingShield to its Preferred Partner network. FundingShield offers TMC members a pair of loan level verification...read more
Fundingshield alerts mortgage lenders on the heels of recent widespread data breaches to take proactive & preemptive measures to manage wire fraud risk ahead of the holiday season.
Fundingshield’s ongoing dialogue with financial crimes advisors, cyber security experts and recent law enforcement data indicate an increase in real estate settlement related fraud in the fourth quarter of 2017. This forecast is based on our analytics, trends over...read more
FundingShield provides live data protecting for transactions to vet, verify and validate each counterparty to compliantly prevent wire fraud loss and misrepresentations. FundingShield awarded HousingWire Top 100 Tech award HW100 2019Downloadread more
300% increase in settlement agent defalcations, theft of funds & misapplication of fund by closing agent YTD
With market challenges and lower volumes we are seeing an increase in defalcations in the market. Protect your funds on every loan with up to $5mm of coverage using our FinTech tools at FundingShield.read more
Fundingshield reports an estimated $75 million per day in wire and closing fraud exposure. This would equate to exposure of ~$20 Billion in 2018. This report leverages Fundingshield’s industry-leading proprietary software, analytics and transaction database of...read more
Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018
Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018, triple the $1 billion reported to the FBI for all real estate related wire fraud losses for the first 9 months of 2017. This report leverages...read more
The current “purchase mortgage” market is causing mortgage banks across the country to re-examine their in-house closing party review processes as they have less control of closing agent selection. Additionally, this adds stress operationally and increases risk...read more
Mortgage closing fraud continues to increase to and is reaching all-time highs while mortgage volumes are on a decline due to rising rates. From The Trenches Cybercriminals are using sophisticated phishing and email system penetration strategies to find a...read more
Newsletter 122: January 5, 2018 As lenders move away from legacy Loan Origination Systems (“LOS”) or migrate from an unsupported, discontinued or retired LOS we highlight various loan closing procedure gaps that can be enhanced leveraging Fundingshield’s services. ...read more
Newport Beach, CA - December 28, 2017: As the holidays continue and lenders push forward to close loans ahead of the year end FundingShield has been called upon to assist in numerous situations of wire diversion and closing fraud hitting lenders across the country. ...read more
Fundingshield Market Alert – How UBER, Equifax & Yahoo data breaches have increased fraud risk in the US mortgage market
Recent news shared that UBER has had a massive data breach of roughly 60 million accounts. While there has been the leaking of PII such as name, address, and driver’s license numbers, it has yet to be reported that the leakage extended to trip location histories,...read more
Fundingshield Newletter 116: February 2, 2017 – OCC Third Party Oversight leveraging our SPC system that incorporates key principals of the Mckinsey Consulting study
On January 24, 2017 the OCC shared the OCC Bulletin 2017-7 (examination procedures to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,”) to promote “consistency” in the examination guidelines and goals of the OCC of the covered...read more
Fundingshield Newletter 114: November 8, 2016 – FundingShield launches next generation Vendor the Third-Party Service Provider Compliance Portal for State, OCC and CFPB Compliance:
FundingShield has answered its clients’ call for a simple yet powerful tool for assuring Third Party Service Provider and Third Party Originator Compliance with Federal and State requirements with the launch of its SPC service. Clients Any mortgage lender or servicer...read more
Fundingshield Newsletter 119: June 5, 2017 Fundingshield Title Insurance Services results in change of New Jersey state CPL form by state commissioner.
FundingShield (“FS”) continues to partner with the title insurance community providing analysis of any closing agents acting outside of approved guidelines set forth by the title insurers. When FS reviews closing documents to confirm CPL coverage and funding...read more
The below article has been pulled from CFO TECH OUTLOOKS article featuring Ike Suri, Chairman & CEO of FundingShield. Original article is available here Empowering the Mortgage Industry with the Highest Level of Protection “A perfect storm.” That’s...read more
Write Up From HousingWire: 2019 HW Tech Trendsetter: Ike Suri An investor and enterprise builder, Ike Suri can form a vision, design a plan and implement, execute and deliver successful solutions for clients and consumers in technology and tech related industries....read more
CLICK ON IMAGE BELOW TO VIEW THE FULL INTERVIEW AND WRITE UP FROM MorgtgageMedia Loan Security: Don’t Bring a Knife to a Gunfightread more
Shred Media’s Jason Frazier Interviews FundingShield’s Ike Suri & Adam Chaudhary at the Inaugural California Mortgage Bankers Association (CMBA) Tech Innovators Conference 2019 in San Diego
Shred Media - Live from CMBA’s Mortgage Innovators Conference with Adam and Ike of FundingShield from Shred Media on Vimeo. Wonderful sharing the message on wire fraud and settlement risk management for the mortgage and real estate industry with SHRED Media’s Jason...read more
Please read the editorial by our CEO Ike Suri in the April 2019 edition of the Mortgage Compliance Magazine titled "Cognitive FinTech Solutions to Combat Wire Fraud & Risk" discussing how FundingShield's automated, tech driven products and APIs can be seamlessly...read more
Original Article from National Mortgage News: https://www.nationalmortgagenews.com/news/housing-market-players-beef-up-defenses-to-thwart-new-wire-fraud-threat --------------------------------------- --------------------------------------- ...read more
Please read the editorial by our CEO Ike Suri in Mortgage Compliance Magazine titled "Manage compliance risk and fraud during the digitization of the mortgage industry" discussing how the digitization of the origination side of the mortgage lending business is...read more
Frequently Asked Questions
We welcome your questions and look forward to addressing any queries you may have. Further we are excited to offer a Web based meeting presentation of our services to interested parties. Please use the contact tool below to ask any additional questions or to setup a web-based conference.
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FundingShield is a privately held company based in Newport Beach, CA. Fundingshield has been providing its services to the mortgage market to several bank & non-bank lenders, title insurance companies, law firms and asset managers across the country to real estate finance firms focusing on residential (retail, wholesale, TPO/broker) commercial (Single Family Rental, Small Balance Commercial, Bridge loans, SBA) Reverse Mortgages, investor/correspondent loans and associated warehouse loans.
Chairman & CEO of FundingShield LLCIke@Fundingshield.com W: +1 949 706 6500
- Ike serves as the Chairman & CEO of Fundingshield, LLC, a loan level fraud prevention & risk management company that provides technology based solutions to help mortgage lenders manage the funding process and avoid wire fraud schemes. The firm has a unique loan level verification approach that has been used on over $500 Billion of closings. Ike also is currently the Chairman and CEO of Pelican Point Investment Group LLC (“PPI”), a boutique Private Equity & Merchant Bank in Newport Beach, California. Prior to PPI, Ike was the Co-CEO and Co- Founder of Pelican Point Capital Partners, LLC for three years. He also has served as a CEO, Chairman, board member and adviser to private and public companies and continues to advise companies as an adviser, principal & owner/operator. Ike is a “serial entrepreneur” and founding charter member of The IndUS Entrepreneurs (TiE- South Coast). He served as a board member of Trilennia Group, a mid-market merchant banking firm and a member of the Turnaround Management Association (TMA). Ike is a Co-Founder and was Co-President and CFO for Options Group, a leading Wall Street-based executive search and consulting firm with offices in 11 countries. Ike served as CEO and Chairman of Paradise Multimedia, Inc., a spin-off acquired from Phillips Corp. of NA. He also served as Chairman and CEO of Pacific Rim Entertainment Inc., a prime-time animation production company of which he sold select assets to Disney.
- Ike originated structured and integrated acquisitions in 6 technology consolidation/roll-ups in the networking spectrum and related industries. From networking technologies in Ethernet, Token Ring, switches, routers, fiber optic codecs (applications) and wireless synthesizers, his team acquired these companies from companies such as Raytheon, Rockwell Network Systems, Westinghouse, Meret Optical, Sciteq, Relialogic and Phillips.
- He was part of a leadership team for acquisitions that helped build Sorrento Networks. Sorrento Networks reached a market capitalization of approximately $1.6b as a listed Nasdaq company. Ike was instrumental in helping the company acquire 8 companies in the roll-up strategy and further spun off 2 subsidiaries as separately listed public companies called Entrada Networks & DPI.
- Ike is also Managing Director of Azemuth, Inc., a Suri family office making principal investments since the mid-1990’s. His primary focus has centered in building enterprise value via investments and by Mergers & Acquisitions. He has a long history of working with leading organizations across various industry sectors including Financial Services, Real-Estate, Information Technology, Med-tech, Health Care, Food and Beverage and Social Media.
- Ike attended Delhi University’s Sri Ram College of Commerce and further completed Undergraduate and Graduate course work in Finance and Marketing at Rutgers University.
Adam J. Chaudhary
President of FundingShield LLCAdam@Fundingshield.com W: +1 949 706 6850 D: +1 949 329 5099
- Adam serves as the President of Fundingshield, LLC, a loan level fraud prevention & risk management company that provides technology based solutions to help mortgage lenders manage the funding process and avoid wire fraud schemes. The firm has a unique loan level verification approach that has been used on over $500 Billion of closings. Adam J. Chaudhary is currently the President of Pelican Point Investments Group LLC (“PPI”), a boutique Private Equity & Merchant Bank in Newport Beach, California. Prior to PPI, he was the Managing Director for Pelican Point Capital Partners, LLC., Vice President at Royal Bank of Scotland (RBS) responsible for US Dollar structured funding and managed the cross asset solutions team. In these roles, he developed and executed secured borrowings and capital solution products and oversaw the development of interest rate, FX, equity, credit hedging and alpha products for banks, insurers, hedge funds and specialty finance companies. At RBS, he also conducted the successful workout and renegotiation of a USD 9 billion loan portfolio while living between London and New York and also worked with Her Majesty’s Treasury risk consultants in defining the scope and need for portfolio insurance products.
- Previously, Adam was a trader in the Fund Derivatives Group at Greenwich Capital where he risk managed a USD 5 billion portfolio of loan and derivative products secured by fund equity for global hedge funds & fund of hedge funds. He was Summer Analyst at Goldman Sachs in the Fixed Income Currencies and Commodities Division on the structured credit correlation marketing and structuring team. Adam also served as a project manager for GreenPoint Credit, a sub-prime mortgage servicer focused on chattel and manufactured housing loans, where he developed cost analysis models used by the then treasury team and head of securitization.
- Adam is an avid fan of global music and a percussionist by hobby and has begun to take steps to combine these passions with charities including Development in Literacy (DIL) which promotes increasing literacy rates and women’s education in Pakistan. Adam holds Series 7 and 63 licenses from FINRA and obtained a Bachelor of Science in Finance and International Relations from Bentley College in Waltham, Massachusetts. He has also obtained certificates in credit products & derivatives from the New York Institute of Finance.
Senior Advisor of FundingShield LLCJerry brings with him 34+ years of leadership experience in mortgages, banking, title and technology running large scale businesses as a senior executive around the country. Mr. Halbrook’s leadership experience includes his role as CFO of Prudential Home Mortgage, Chief Information Officer of Bank of America consumer real estate, Managing Director of Citi Mortgage in the Capital Markets area, Co-founder and COO of Nexstar Financial, President of Black Knight Inc. Origination Technology and Business Intelligence Divisions and many years with Deloitte & Touche in senior roles. Most recently he was CEO of Lender Price where he brought strategic clients and investors to help facilitate the firm’s technology product development and delivery while increasing enterprise value.
Senior Advisor of FundingShield LLCFaith brings a wealth of experience and relationships stemming from her leadership in the lending, fintech, non-profit and advisory space, and she is currently president of automated verification provider FormFree. Schwartz received the HousingWire HW Vanguard Award™ for her career contributions to the housing finance industry in 2018 and was recognized as one of mortgage banking’s most powerful women by National Mortgage Professional magazine the same year. Other awards include HousingWire’s HW Women of Influence™ award and a lifetime achievement award from the Five Star Institute.
Senior Advisor of FundingShield LLC
Jim is a seasoned business leader with 30+ years of financial and operations experience with several Fortune 500 companies including: GE Capital, Norwest, The Prudential, and Citigroup. Jim has led virtually every aspect of the mortgage banking process with emphasis in risk management, capital markets, and structured finance disciplines. Recently, Jim served as LoanDepot’s Executive Vice President of Enterprise Risk Management and is a founding member of its executive team. Prior to this, he held similar positions at HomeLoan Center/LendingTree Loans where he acted as the head of Capital Markets, COO, and Division President. He was also the Division President and GM of GE Capital’s small equipment leasing division, the Group Senior Vice President of Norwest Mortgage (acquired by Wells Fargo), and the Senior Vice President of Capital Markets at Prudential Home Mortgage.
Advisor of FundingShield LLCWilliam’s career has focused on driving best practices and technological innovation for the mortgage industry in the information security, risk and technology forums. He currently serves as the Chief Information Officer of First Mortgage Company LLC in Nebraska where he also assumed the Chief Security Officer & Chief Privacy Officer roles facilitating governance and controls during the firms rapid growth. He currently has several Mortgage Industry wide leadership roles including MISMO where he is Vice-Chairman of Residential Governance and Residential Governance Committee Member elected lender representative and Co-Chair of the Council of Chairs. Further, he is an active participant and thought leader in the MBA CIO & MBA Residential Technology Forums. William was invited to join the Michigan Financial Industry Cyber Council (MIFICC) where he has drafted a significant portion of the legal framework including their intellectual property and antitrust statements. eld the rank of Major in the Transportation Corps.
He is a graduate of Creighton University Law School, Cum Laude, and is admitted to Practice in Nebraska and has worked as a Patent Attorney and was registered to practice before the USPTO. Education includes a Masters in History and a Bachelor of Science in Chemistry from Creighton University.
He served in the National Guard and Army Reserves as a Transportation Corps Officer with highest rank of Major in the USAR(RET). His final duty position in 1995 was as a Systems Analyst 89th RSC, Wichita, KS. He has founded a number of different companies over the years with his first one being in 1984, FirstStep Software Systems which provides programming and consulting services to manufacturing, meat packing, construction and the financial services industry.