| Total loan value of verified, validated and certified loan closings | 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 |
| ~ $70 Billion+ | ~ $11 billion+ | >0.05% | 8 |
FundingShield Offers Real Time Due Diligence and Risk Management on Title Agents and Closing Attorneys – A Market Leading Service.
Industry Problem:
Due diligence and risk management services regarding third-party service providers, specifically title companies and closing attorneys, have mainly focused on certifying stagnant information and statistics about the service provider. It is not uncommon to receive an email from many closing attorneys or title companies that will show a certification or seal on the bottom of the email claiming that the company or individual has been “certified.” This seal or static certification gives a false sense of security and leads to mortgage lenders assuming that the company and the documentation being provided has also been certified by a third party given a false sense of a lower level of risk. Unfortunately, without loan closing level active verification, closing document review, confirmation of licensing status and other fundamental time sensitive and active diligence the claims made by these groups are not nothing more than an image or seal with nothing to support or back the approval they hope the provide.
Clients: Any retail, correspondent or warehouse mortgage lender or servicer.
Solution
FundingShield’s Guardian service, is the only available service available in the mortgage lending space today that guarantees that all of the documentation, licensing, and agency affiliations are valid on the day of the transaction providing clients a certification that FundingShield will stand behind the instructions with the parties and bank accounts it has verified. Since the company’s Inception 12 years ago, not one client has suffered a dollar of loss on a reviewed transaction.
By not assuming that prior checks and verifications are still valid days, weeks, months or even years later, FundingShield has proved that transaction level due diligence in real-time is the only working methodology for active compliance and risk mitigation in the mortgage lending space. This is because the status of a vendor’s licensing, insurance, and agency affiliations with title Underwriters can change on a daily basis and must be validated as being licensed and in compliance for every transaction along with the associated wire instructions on every closing. This level of diligence performed by FundingShield allows our firm to stand behind the closings for our lender clients certifying closings.
About FundingShield
FundingShield is a leading software enabled services company and the only provider of active loan level diligence for closings to the residential mortgage industry. The Company’s array of services provides active verification and validation at the loan level for mortgage closings and detailed analysis of the documentation used. Our products & services include:
- Verification and validation services at the loan level of closing documents for lenders, insurers and title companies
- Confirmation of title insurance coverage for lenders backed by FundingShield’s GUARDIAN CERTIFICATE
- Automated compliance data management systems for 3rd party service providers of lenders, title and state agencies & appraisers.
- Consulting to law-firms, insurance companies and the major audit firms nationally
- Re-underwriting of the closing process and documents including a loan level review of the closing agent, accounts, licenses.
- Specialized underwriting services to insurance companies and lenders as well as closing process audit reviews.