Mortgage Bankers Association’s MBA Newslink reports “FundingShield: Concerns of Wire, Title Fraud Still High in Q3”
FundingShield, Newport Beach, Calif., reported risks of wire and title fraud remained high in third-quarter data, although fairly flat from the previous quarter.
The report identified 49.2% of loans in the quarter as having at least one risk issue. Q2 clocked in at 50%, and the number was as low as 35.7% of loans in the first quarter of 2022.
“Tech innovations that have been deployed by mortgage companies have helped bring down closing costs, however these emerging technologies being introduced such as AI -driven microservices continue to add new vulnerabilities and gaps that can be exploited by threat actors,” FundingShield CEO Ike Suri said. “We expect this trend to continue to rise in the near future.”
Follow this link for the full article from MBA NewLink