|
Total loan value of verified, validated and certified loan closings to end of year 2016 |
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 |
|
~ $105 Billion+ |
~ $19 billion+ |
>0.05% |
8 |
MBA Secondary Conference New York City Recap:
FundingShield (“FS”) attended the MBA Secondary Conference in NYC meeting with several lenders, technology service providers, title companies, insurance companies and investors who all were exploring solutions for data integrity to increase oversight and control of the settlement and closing process. All parties were very focused on the risk of loss due to wire diversion, cyber based threats, wire account confirmation and alignment of insurance to business risks. We have had several new clients sign with us in the past few weeks joining our nationwide client base which includes top 10 banks, warhouse lenders, independent mortgage banks and insruance companies. Below we share a few of the requests and actions taken during the MBA by our team.
National Warehouse Lender:
The entity was seeking a one stop solution to effectively manage 15,000+ closing entities and confirm each closing parties insurance and licensing while quickly scrubbing wire account information for each funding as a backstop to what their warehouse clients “internal wire screening process may or may not be.” The system desired needed to offer the speed and flexibility to work on high volumes with low funding timeline intervals from when funding requests come in to when the warehouse lender approves and move the funds. We shared our WAVs (Wire Account Verification System) solution which has begun testing with the warehouse lender targeting go live in June 2017.
Top 10 Insurance Company Collaboration:
FundingShield has developed a framework for which New York State Closing Attorneys can obtain insurance that provides lenders relevant protection against loss due to theft of client funds. After 2 years of inspection of current policy and coverages and coordinate with legal and regulatory counsel as well as top 10 bank lenders the product was finalized and slated for approval June 2017. FundingShield will be acting as an underwriter for the policy and the distribution of the policy will be done by NFP insurance brokers. We will be sharing this broadly with the market and the MBA membership for all New York lenders benefit June 2017.
Industry Wide Technology Provider and Advocate:
This group was seeking to leverage our dataset to develop a single point of reference for closing entities, validated wire information and technology tools that will allow the entire market to work off a single source of validated closing data. The discussions stemmed from the creation of FundingShield’s SPC system which several of the top 10 banks are exploring as a system of record around all third-party relationships and contracting. FS will be developing a tool that uses its SPC system and couples it with our Guardian Service data to create a transaction level validation of closing documents, closing parties and wire information available and used by clients today.
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 audit compliance management systems for 3rdparty service providers of lenders, title & state agencies & appraisers.
- Cyber security, IT Theft, online brand reputation monitoring and brand protection, 24/7/365 tracking of key property, personnel & vendors with threat reporting automation leveraging millions of public data points.
- Specialized underwriting services to insurance companies and lenders as well as closing process audit reviews.
For more information on FundingShield, to schedule a WebEx demo or to see what other services we provide the residential mortgage industry please email Sales@FundingShield.com or call (949) 706-7888