Monthly Archives November 2017

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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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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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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