FundingShield has been providing residential mortgage closing fraud & diligence verification to bank and non-bank residential mortgage originating clients as well as warehouse lenders for the past 5 years. Screening of closing agents’ valid status, licensing, ability to close in various states and their insurance coverages meeting underwriters’ requirements as well as verification of a valid closing protection letter (CPL) is central to the service that FundingShield provides.
Client – A domestic bank in the United States with over USD 300 billion in Assets
Client has originated over USD 50 billion in new mortgages originated in 2015
Tenor – Client has used FundingShield continuously for the past 4.5 Years
Loan Volume and Savings – FundingShield has verified approximately 18,000 loans for the Client with an approximate dollar value of $5,000,000,000 in closing proceeds screened for this Client during 2015 alone
- $200,000,000 in loans were halted to protect the Client from wire diversion or potentially fraudulent closings.
Client Results – Client has not incurred any losses due to defalcation or other closing fraud since deploying our service – the experience is the same for all of FundingShield Clients to date.
Client Expansion – Client has seen the benefit of FundingShield’s product to the extent that the Client will not close a loan without our service across their wholesale lines. This mandate will extend across their retail and correspondent channels in 2016