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. As highlighted in our recent newsletters and alerts our sources and systems have noticed an increase in wire swapping and diversion attempts during the run up to and through the holiday season in 2017. The many system breaches at Uber, Yahoo, Equifax and the most recent from Alteryx (see Fundingshield commentary in the press National Mortgage
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Archives for News Letters
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, credit card numbers, bank account numbers and other Personally identifiable information (PII) . December 6, 2017 Newport Beach, CA: Fundingshield is a financial technology company that protects the Mortgage, Real Estate, Title and Legal firms from wire fraud, social engineering attempts, cyber based and settlement agent wire fraud. Ike Suri, Chairman & CEO
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News Letters and Press.
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 national banks and federal savings associations. These guidelines are designed to help examiners focus and apply consistent measurement across any framework in place for third party oversight by institutions and the key is to have a “best in class” risk management system and framework for identified and appropriate risks. FundingShield has been deploying vendor & third party service provider (“TPSP”) oversight, management,
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News Letters and Press.
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 who work with third party service providers and who is subject to OCC, CFPB or State compliance rules. Problem Lenders and Servicers need a simple hands off solution to managing federal and state compliance requirements for all types of third party service providers and originators without paying a high price and experiencing a steep learning curve. Solution Fundingshield’s SPC
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News Letters, Press, and Uncategorized.
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 verification of valid bank accounts for lender clients we collect and maintain a tremendous amount of live data on closing agents. Our technology and staff investigate any inconsistencies identified in closing agent behavior and report this back to the state counsels of the title insurance community for verification. One recent example uncovered in New Jersey provided a top 5 title insurance company
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News Letters and Press.
News Alert: Senior Govt cyber-crime advisor to Fundingshield issues holiday wire fraud alert
A senior government cyber-crime advisor to Fundingshield has issued a holiday season wire fraud alert to lenders warning of heightened cyber attacks and a need for diligence and screening. November 16, 2017 Newport Beach, CA: Fundingshield is a financial technology company that protects the Mortgage, Real Estate, Title and Legal firms from wire fraud, social engineering attempts, cyber based and settlement agent wire fraud. A recent report shared by a cyber security government contractor shares that in the coming holiday season extra diligence is needed in processing wire validation in advance of 3-day weekends and key employee holiday periods such
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News Letters and Press.
Fundingshield Newsletter 121: Increased Cyber Security Breaches & Wire Fraud Impact the Mortgage & Real Estate Industry
Fundingshield Newsletter 121: Increased Cyber Security Breaches & Wire Fraud Impact the Mortgage & Real Estate Industry
Recent cyber security reports continue to highlight the increased intensity and scope of various schemes being used to steal millions in real-estate settlements and experts agree the vast majority of incidents are never reported or discussed. 2017 has started off at a blistering pace for record losses for the industry related to cyber criminal attacks on fund movements. During 2016, at a single government agency alone an estimated $19 million in real estate purchase transactions funds were reported lost as a result of diverting or manipulating the communications of key industry participants. Such participants including but were not limited to
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Fundingshield Newsletter 120 – Importance of Fin-tech/Reg-tech Investments in Mortgage Bank M&A & Consolidation
Total loan value of verified, validated and certified loan closings to end of year 2016 Total $ amount of transactions identified as erroneous / fraudulent & corrected or redirected with FundingShield Certification Cost of FundingShield Certification versus Dollar Value of Potential Client Loss Exposure: Top 25 mortgage lenders clients serviced ~ $108 Billion+ ~ $19 billion+ >0.05% 8 Importance of fin-tech / reg-tech investments by mortgage banks in mergers or entities seeking consolidation. The Mortgage banking market continues to go through consolidation where a number of our clients and prospects in our development & on-boarding pipeline have found value in
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Fundingshield Newsletter 118 – MBA Secondary Conference Recap
Total loan value of verified, validated and certified loan closings to end of year 2016 Total dollar amount of transactions identified as erroneous / fraudulent and then corrected and/or redirected with FundingShield Certification Cost of FundingShield Certification versus Dollar Value of Potential Client Loss Exposure: Top 25 mortgage lenders clients serviced ~ $105 Billion+ ~ $19 billion+ >0.05% 8 MBA Secondary Conference New York City Recap: FundingShield (“FS”) attended the MBA Secondary Conference in NYC meeting with several lenders, technology service providers, title companies, insurance companies and investors who all were
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