FundingShield, LLC – Newport Beach, Calif. – Jan. 8, 2019 FundingShield is pleased to announce that Faith Schwartz has joined its senior advisory board. She brings a wealth of experience and relationships stemming from her leadership in the lending, fintech, non-profit and advisory space, and she is currently president of automated verification provider FormFree. Schwartz received the HousingWire HW Vanguard AwardÔäó for her career contributions to the housing finance industry in 2018 and was recognized as one of mortgage banking’s most powerful women by National Mortgage Professional magazine the same year. Other awards include HousingWire’s HW Women of InfluenceÔäó award
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Posts by FundingShield
Fundingshield reports ~$75 million per day in wire and closing fraud exposure
Fundingshield reports an estimated $75 million per day in wire and closing fraud exposure. This would equate to exposure of ~$20 Billion in 2018. This report leverages Fundingshield’s industry-leading proprietary software, analytics and transaction database of wire account information and transaction closing history. Furthermore, this projection is specific to lender wire and closing fraud attempts, and does not capture the much higher volume of wire fraud attempts against consumers in housing transactions. Wire and closing fraud victims overwhelmingly underreport losses because of reputational risk concerns. As Fundingshield has shared previously, Cyber criminals use crawlers, also known as software
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News Letters and Press.
BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.
BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.
Fundingshield announces Jim Svinth, Former EVP Risk Management of LoanDepot, joins its Sr. Advisory Board
PRESS RELEASE: FundingShield, LLC – Newport Beach, CA – September 6, 2018 It brings FundingShield, LLC great pleasure to announce that Jim Svinth has joined its Senior Advisory Board. Jim is a seasoned business leader with 30+ years of financial and operations experience with several Fortune 500 companies including: GE Capital, Norwest, The Prudential, and Citigroup. Jim has led virtually every aspect of the mortgage banking process with emphasis in risk management, capital markets, and structured finance disciplines. Recently, Jim served as LoanDepot’s Executive Vice President of Enterprise Risk Management and is a founding member of its executive team. Prior
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Press and Press Releases.
Video Testimonial From Weichert Financial’s Anthony Fattizzi
Fundingshield CEO quoted in National Mortgage News “The best defense is offense”
Original Article from National Mortgage News: https://www.nationalmortgagenews.com/news/housing-market-players-beef-up-defenses-to-thwart-new-wire-fraud-threat ————————————— ————————————— ————————————— Editor’s Note: This is part three in a three-part series from the August edition of National Mortgage News magazine about the growing prevalence of business email compromise fraud. Read part one and part two here. It takes a multipronged approach, through systems and education, by mortgage lenders to stop business email compromise attacks. After a number of unsuccessful attempts at wire fraud against Gateway Mortgage Group, the Tulsa, Okla.-based lender spent much of its 2017 information technology budget putting up defenses to thwart these types of scams. It built a
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Media and Press.
Brad Finkelstein, Closing, Compliance, CPL, FBI, Fintech, Fraud, funding, Fundingshield, IC3, loss, Mortgage, National Mortgage News, protection, regtech, shield, wire, and Wire Fraud.
Brad Finkelstein, Closing, Compliance, CPL, FBI, Fintech, Fraud, funding, Fundingshield, IC3, loss, Mortgage, National Mortgage News, protection, regtech, shield, wire, and Wire Fraud.
FundingShield in Mortgage Compliance
Please read the editorial by our CEO Ike Suri in Mortgage Compliance Magazine titled “Manage compliance risk and fraud during the digitization of the mortgage industry” discussing how the digitization of the origination side of the mortgage lending business is creating further risk and exposure to IT assets and back office workflows. Fundingshield technology can assist lenders and other mortgage market participants in managing risk & fraud through the lifecycle. Please click on the image below to open the E-magazine and view the piece: About FundingShield FundingShield is the market leading fintech firm offering plug’n play, scalable, cloud-based risk,
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Fundingshield announces Jerry Halbrook joins its Senior Advisory Board
PRESS RELEASE: FundingShield, LLC – Newport Beach, CA – August 1, 2018 FundingShield, LLC (“FS”) is pleased to announce Jerry Halbrook has joined its Senior Advisory Board. Jerry brings with him 34+ years of leadership experience in mortgages, banking, title and technology running large scale businesses as a senior executive around the country. Mr. Halbrook’s leadership experience includes his role as CFO of Prudential Home Mortgage, Chief Information Officer of Bank of America consumer real estate, Managing Director of CitiMortgage in the Capital Markets area, Co-founder and COO of Nexstar Financial, President of Black Knight Inc. Origination Technology and Business
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Press and Press Releases.
Bank of America, Black Knight, Blackknight, citimortgage, Closing, Fintech, Fraud, funding, Fundingshield, lender, MBNA, Mortgage, Price, Prudential, regtech, Risk, tech, Title, wire, and Wire Fraud.
Bank of America, Black Knight, Blackknight, citimortgage, Closing, Fintech, Fraud, funding, Fundingshield, lender, MBNA, Mortgage, Price, Prudential, regtech, Risk, tech, Title, wire, and Wire Fraud.
Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018
Fundingshield reports an estimated $3 Billion in wire and closing fraud attempts in the first 4 months of 2018, triple the $1 billion reported to the FBI for all real estate related wire fraud losses for the first 9 months of 2017. This report leverages Fundingshield’s industry-leading proprietary software, analytics and transaction database of wire account information and transaction closing history. Furthermore, this projection is specific to lender wire and closing fraud attempts, and does not capture the much higher volume of wire fraud attempts against consumers in housing transactions. Wire and closing fraud victims overwhelmingly underreport losses because of
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News Letters and Press.
Bank, CMBA, Cyber, Fannie Mae, Fintech, FNMA, Fraud, Freddie Mac, Fundingshield, Hackers, IBM, MBA, Mortgage, Risk, Secure, wire, and Wire Fraud.
Bank, CMBA, Cyber, Fannie Mae, Fintech, FNMA, Fraud, Freddie Mac, Fundingshield, Hackers, IBM, MBA, Mortgage, Risk, Secure, wire, and Wire Fraud.
FS Newsletter 123: Mortgage “Purchase Market” Drives Closing Agent Stress
The current “purchase mortgage” market is causing mortgage banks across the country to re-examine their in-house closing party review processes as they have less control of closing agent selection. Additionally, this adds stress operationally and increases risk through closing agent review, compliance, risk management and wire fraud prevention if not actively utilized and deployed at the loan transaction level. Mortgage Participants: All Mortgage lenders doing purchase (non-refinance) transactions & any lender that cannot force the use of its preferred closing agents across all closings. Investors or Warehouse lenders concerned about closing agent controls. Problem: The purchase market is causing increased
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Fundingshield Newsalert: Mortgage wire fraud percetage increase with interest rates
Mortgage closing fraud continues to increase to and is reaching all-time highs while mortgage volumes are on a decline due to rising rates. From The Trenches Cybercriminals are using sophisticated phishing and email system penetration strategies to find a transactions in the mortgage market where they can execute an attempt to defraud one or more parties to the loan transaction. As the market volume has decreased, the percentage of transactions being attacked has spiked significantly. Fundingshield is actively assisting law firms, working with regulators and law enforcement to help non-clients in their attempts to recover stolen funds. Recent Fundingshield
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News Letters and Press.
BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.
BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.
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