Press Release: Faith Schwartz Joins FundingShield’s Senior Advisory Board
FundingShield joins IBM Cloud as IBM’s first MortgageTech partner
Fundingshield CEO quoted in National Mortgage News “The best defense is offense”

~$6 billion

Closings Halted By Our Clients or Redirected
N

Over $530 billion

Closing Value Monitored

~ $90 billion

Flagged for Closing Deficiency or Inconsistency

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

Title Associations

Technologists (Audit & risk system developers, blockchain focused groups)

GSE’s (Fannie and Freddie) Insurance Companies

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Our Solutions for Mortgage Lenders (BANK, NON BANK)

Loan Level Wire Fraud Solutions

We provide loan level solutions to certify that:

  • 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

We validate and run compliance checks on closing parties at the transaction level

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

Prevent wire fraud on client funding requests and meet OCC requirements by leveraging our live cloud based system of ~40,000 bank accounts

Certify funding requests and streamline operation costs

Underwrite and accept our certifications from your clients to streamline client funding request approvals, confirm client funding controls, and reduce warehouse program costs while increasing risk oversight

Create and share a live approved party list with clients

Leverage our database of ~40,000 closing parties that can be filtered according to your own diligence and approval criteria and shared with warehouse clients seamlessly via our live and secure portal.

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

Receive notifications and alerts of agent level conduct issues to get ahead of potential higher claims scenarios by participating in data sharing

Enhanced risk management to control higher claims scenarios

 

Digitize corporate structure rules and approvals

Ensure that there are no violations to state level rules or requirements and enforcement regulations at national, state, regional, branch, and agent levels through automated monitoring systems

Provide a secure communication portal for counter-parties and clients

Communicate and control data sharing of sensitive information like wire account information with third parties or companies.

Our Solutions for National or Regional Closing Agencies

Digitize corporate structure rules and approvals to streamline compliance requirements of lenders and underwriters

Ensure that there are no violations to state level rules or requirements and enforcement regulations at national, state, regional, branch, and agent levels through automated monitoring systems

Secure communication portal for documents and funding requests

Communicate and control data sharing of sensitive information like wire account information with third parties or companies.

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:

  1. 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).
  2. Risk management perspective (transaction level document verification for uncovered actions, documents, wire accounts)
  3. 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)

Wire account verifications and data set of 30,000 to 40,000 verified settlement party wire accounts at any time that meet FS vetting and verification requirement to be deemed authentic which includes history and details on approved signatories, audits, account owner information and other details needed to confirm bank account being funded is the licensed and covered entity under a Closing Protection Letter.

  • 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. 

Timely Support

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.

Innovative Ideas

We use a Cooperative approach that allows us to use data from all clients to benefit all lenders on our platform while staying within privacy regulations.  This means that when FundingShield locates a “bad actor” while working with one of our lender clients, all of our clients are protected. Fundingshield constantly is updating its algorithms to include the latest fraud attempts/trends observed through our process and systems.  Any observation on our platform will benefit others in the ecosystem with no loan level information shared from one lender to another. Fundingshield leads and is members of various technology and mortgage organizations including driving panels and efforts at MISMO for Blockchain applications, MBA res tech members, members of various tech innovation panels, advisors and advisory board representation from the top financial institutions in the world. 

Advanced Technology

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.  

Clear Communication

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…

Press

 

Press Releases

FundingShield Integrates With Encompass by Ellie Mae

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...

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FundingShield joins IBM Cloud as IBM’s first MortgageTech partner

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...

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Fundingshield announces Jerry Halbrook joins its Senior Advisory Board

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...

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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...

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News Letters

FundingShield receives HousingWire Tech100 Award

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 2019Download

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Fundingshield Alert – Rise In 2017 Holiday Season Wire Fraud Attempts

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. ...

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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...

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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...

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Media

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...

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FS CEO in Mortgage Compliance Magazine – Cognitive AI solutions

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...

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FundingShield in Mortgage Compliance

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...

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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.

What kind of clients do you work with?

FundingShield has various lender clients such as top 10 banks, supra/regional banks, non bank lenders in various sizes and in various channels including retail, correspondent, wholesale and via warehouse lenders.  Further we offer services to Title insurers to monitor closing agents, insurance companies who underwrite closing agents and attorneys and insurance companies.

What is your turn around time?

To set up a new client we can do this within days which will include agreement on volume, price and contract terms, deployment of system via our web based platform and training of staff either remotely or in person (additional fees may apply for in person training dependent upon target monthly loan volumes),  In terms of how long we take to turn around a loan, we guarantee that this will be done in 24 hours.

Do you have an affiliate program?

We are open to working with other service providers in the industry or selling through another solution upon agreement of mutually agreeable pricing structure.

About Us

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.   

Ike Suri

Ike Suri

Chairman & CEO of FundingShield LLC

Ike@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

Adam J. Chaudhary

President of FundingShield LLC

Adam@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.
Jerry Halbrook

Jerry Halbrook

Senior Advisor of FundingShield LLC

Jerry 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.
Faith Schwartz

Faith Schwartz

Senior Advisor of FundingShield LLC

Faith 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.
Jim Svinth

Jim Svinth

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.

William Klumper

William Klumper

Advisor of FundingShield LLC

William’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.

Address: 660 Newport Center Drive, Suite 710 Newport Beach, CA 92660 Phone: 800-295-0135 Email: info@fundingshield.com