Lenders need to safeguard their Ops and workflows from an epidemic rise in Wire/ Title Fraud, Risk and Compliance further exacerbated by the rise in work from home.
FundingShield CEO Ike Suri shared their Q2-2020 analytics, “The risk of wire and title fraud in the closing and settlement space continues to grow due to fast moving changes in closing practices, Work-from-home and more due to COVID-19. Comparing Q1 vs Q2-2020 we saw an alarming increase in fraud/risk exposure in CPL errors/issues of nearly 50%, 530% increase in CPL/Agent validation errors with title insurers and nearly 135% increase in state licensing issues. These market vulnerabilities have created a perfect storm for fraudsters. Fundingshield helps prevent, identify and resolve these inefficiencies, threats and exposures in a timely manner so lenders can run their businesses without interruptions, reputational nightmares and/or losses.”
ANALYTICS-
- 50% increase in fraud/ risk exposure in CPL errors and issues
- 530% increase in CPL/ Agent Validation errors with title insurers
- 135% increase in State licensing issues
PREVENT WIRE AND TITLE FRAUD WITH FUNDING SHEIL’S FINTECH SOLUTIONS
Fundingshield’s MISMO Certified FinTech B2B & B2B2C solutions deliver transaction level coverage against wire & title fraud, settlement risk, closing agent compliance & cyber threats while reducing operating costs and improving asset quality. FundingShield’s user-centric plug’n’play tools are scalable, pay-per-loan, secure, cloud-based and are integrated via APIS or LOS (Encompass) driving ROIs >200%. Housingwire TECH100 Winner for 2019 & 2020, Contact Sales@Fundingshield.com