Posts by FundingShield

Fundingshield Announces Terry Theologides joins its senior advisory board

January 29, 2018 | by | Comments Off on Fundingshield Announces Terry Theologides joins its senior advisory board

  FundingShield, LLC – Newport Beach, CA – January 29, 2018 FundingShield, LLC (“FS”) is pleased to announce Stergios “Terry” Theologides has joined its Senior Advisory Board. Terry brings with him more than 20 years’ experience as an executive overseeing mortgage regulatory and risk management issues and developing technology and data-driven products and techniques to manage them. Most recently, Terry was SVP, General Counsel of CoreLogic, Inc. and was part of the leadership team that launched CoreLogic as a standalone public company. Mr. Theologides’ leadership experience includes as General Counsel to The First American Corporation’s Information Solutions Group, Executive Vice
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Categories: Press and Press Releases.
Tags: corelogic, Fraud, Fundingshield, Mortgage, Real Estate, Risk, Stergios, Title, wire, and Wire Fraud.

FS Newsletter 122: LOS shutdowns creating increased risk & headaches for lenders

January 5, 2018 | by | Comments Off on FS Newsletter 122: LOS shutdowns creating increased risk & headaches for lenders

  Newsletter 122: January 5, 2018 As lenders move away from legacy Loan Origination Systems (“LOS”) or migrate from an unsupported, discontinued or retired LOS we highlight various loan closing procedure gaps that can be enhanced leveraging Fundingshield’s services. During the transition phase Fundingshield provides a proven, flexible plug-n-play solution during this highly exposed period for operational & fraud risk. Mortgage Lenders Any Mortgage lender that is currently transitioning from a current LOS to another or going through entity wide system and reporting changes. These lenders have to deal with aged, retired, patched systems lacking data security standards and support
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Categories: News Letters and Press.
Tags: Closing, Fraud, loan, LOS, Mortgage, sunset, system, Title, and transition.

Fundingshield Alert – Rise In 2017 Holiday Season Wire Fraud Attempts

December 28, 2017 | by | Comments Off on Fundingshield Alert – Rise In 2017 Holiday Season Wire Fraud Attempts

Newport Beach, CA – December 28, 2017: As the holidays continue and lenders push forward to close loans ahead of the year end FundingShield has been called upon to assist in numerous situations of wire diversion and closing fraud hitting lenders across the country. As highlighted in our recent newsletters and alerts our sources and systems have noticed an increase in wire swapping and diversion attempts during the run up to and through the holiday season in 2017. The many system breaches at Uber, Yahoo, Equifax and the most recent from Alteryx (see Fundingshield commentary in the press National Mortgage
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Categories: News Letters and Press.
Tags: breach, Cyber, Fraud, Mortgage, Security, Title, and Wire Fraud.

The Mortgage Collaborative Adds FundingShield to Preferred Partner Network

December 8, 2017 | by | Comments Off on The Mortgage Collaborative Adds FundingShield to Preferred Partner Network

San Diego, Calif. – December 7, 2017 The Mortgage Collaborative, the nation’s only independent mortgage cooperative, today announced the addition of FundingShield to its Preferred Partner network. FundingShield offers TMC members a pair of loan level verification services to protect lenders assuring closing funds go to verified bank accounts belonging to licensed and authorized parties. FundingShield provides actionable intelligence to lenders while other services may provide data that you have to interpret.   “We’re thrilled to add an organization like FundingShield that is so highly regarded by our Lender Members that currently utilize their products and services,” said Jim Park,
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Categories: Press and Press Releases.
Tags: Closing, coop, CPL, Fraud, Mortgage, Risk, Settlement, TMC, WAVs, and wire.

Fundingshield Market Alert – How UBER, Equifax & Yahoo data breaches have increased fraud risk in the US mortgage market

December 7, 2017 | by | Comments Off on Fundingshield Market Alert – How UBER, Equifax & Yahoo data breaches have increased fraud risk in the US mortgage market

Recent news shared that UBER has had a massive data breach of roughly 60 million accounts. While there has been the leaking of PII such as name, address, and driver’s license numbers, it has yet to be reported that the leakage extended to trip location histories, credit card numbers, bank account numbers and other Personally identifiable information (PII) . December 6, 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.   Ike Suri, Chairman & CEO
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Categories: News Letters and Press.

Fundingshield Newletter 116: February 2, 2017 – OCC Third Party Oversight leveraging our SPC system that incorporates key principals of the Mckinsey Consulting study

November 26, 2017 | by | Comments Off on Fundingshield Newletter 116: February 2, 2017 – OCC Third Party Oversight leveraging our SPC system that incorporates key principals of the Mckinsey Consulting study

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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Categories: News Letters and Press.

Fundingshield Newletter 114: November 8, 2016 – FundingShield launches next generation Vendor the Third-Party Service Provider Compliance Portal for State, OCC and CFPB Compliance:

November 26, 2017 | by | Comments Off on Fundingshield Newletter 114: November 8, 2016 – FundingShield launches next generation Vendor the Third-Party Service Provider Compliance Portal for State, OCC and CFPB Compliance:

FundingShield has answered its clients’ call for a simple yet powerful tool for assuring Third Party Service Provider and Third Party Originator Compliance with Federal and State requirements with the launch of its SPC service. Clients Any mortgage lender or servicer who work with third party service providers and who is subject to OCC, CFPB or State compliance rules. Problem Lenders and Servicers need a simple hands off solution to managing federal and state compliance requirements for all types of third party service providers and originators without paying a high price and experiencing a steep learning curve. Solution Fundingshield’s SPC
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Categories: News Letters, Press, and Uncategorized.

Fundingshield Newsletter 119: June 5, 2017 Fundingshield Title Insurance Services results in change of New Jersey state CPL form by state commissioner.

November 26, 2017 | by | Comments Off on Fundingshield Newsletter 119: June 5, 2017 Fundingshield Title Insurance Services results in change of New Jersey state CPL form by state commissioner.

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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Categories: News Letters and Press.

News Alert: Senior Govt cyber-crime advisor to Fundingshield issues holiday wire fraud alert

November 26, 2017 | by | Comments Off on News Alert: Senior Govt cyber-crime advisor to Fundingshield issues holiday wire fraud alert

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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Categories: News Letters and Press.