Fundingshield’s ongoing dialogue with financial crimes advisors, cyber security experts and recent law enforcement data indicate an increase in real estate settlement related fraud in the fourth quarter of 2017. This forecast is based on our analytics, trends over the past 10 years of data and the current rise in cyber related system breaches. Fundingshield continues its surveillance of fraud tactics and noticed a seasonal trend of lenders potential settlement and wire fraud related cases. The Equifax breach furthers the impact of fraud beyond consumer level and we anticipate it will add to compromised information and personas within the mortgage
Read More
Posts by FundingShield
Fundingshield & NFP Corporation – Enhanced Crimes Policy Overview
Please see the overview of the Enhanced New York Crimes Policy at the below PDF link. 17-FCI-PGL-NE-0413 Crime Lawyers Handout_OTG_2 Content is from the Marketing department of NFP Corporation, any questions of comments can be directed to NFP: Harris Tsangaris – htsangaris@nfp.com
Read More
FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation to privide enhanced crimes policies covering New York State Attorney “Theft of client funds”
PRESS RELEASE: Original release can be found here NEWPORT BEACH, Calif.–(BUSINESS WIRE)–FundingShield is proud to announce its partnership with Pioneer Underwriters (U.K.) and NFP Corporation (a global top insurance brokerage) in deploying FundingShield’s technology based underwriting services allowing for enhanced crimes policies for New York state attorneys. FundingShield was able to leverage its vast data from over $500 billion of mortgage closings that identify closing party document deficiencies, control gaps or potential fraud tactics used by closing agents and attorneys to develop the framework to approve attorneys seeking enhanced coverage. The “FundingShield Endorsement” policy specifically covers theft of clients funds
Read More
Press Releases.
crimes, Fintech, Fraud, insurance, insuretech, insurtech, law firm, policy, and regtech.
crimes, Fintech, Fraud, insurance, insuretech, insurtech, law firm, policy, and regtech.
FundingShield News Alert 9/14/2017: Equifax Data Breach Impact on Mortgage Funding & Third Party Risk
As the mortgage industry lenders implement the requirements to meet the New York Cyber Security requirement (DFAS) and the FFIEC CAT, the Equifax breach highlights the existing risk surrounding data integrity, fraud and the need for enhanced controls. Consumer finance and mortgage banks will have to manage the ongoing threat of fraud which the mortgage press and our clients have reacted to by showing an increased demand for third party diligence, oversight and controls. National Mortgage News Reported Monday September 11, 2017 the Seven Aftershocks of the Equifax Breach of which one of the 7 points highlighted was precisely Third-party
Read More
Press Releases.
Bank, Compliance, Cyber, Equifax, Fraud, funding, lender, lending, Mortgage, Risk, Security, third party, and wire.
Bank, Compliance, Cyber, Equifax, Fraud, funding, lender, lending, Mortgage, Risk, Security, third party, and wire.
Fundingshield Newsletter 121: Increased Cyber Security Breaches & Wire Fraud Impact the Mortgage & Real Estate Industry
Recent cyber security reports continue to highlight the increased intensity and scope of various schemes being used to steal millions in real-estate settlements and experts agree the vast majority of incidents are never reported or discussed. 2017 has started off at a blistering pace for record losses for the industry related to cyber criminal attacks on fund movements. During 2016, at a single government agency alone an estimated $19 million in real estate purchase transactions funds were reported lost as a result of diverting or manipulating the communications of key industry participants. Such participants including but were not limited to
Read More
Fundingshield Newsletter 120 – Importance of Fin-tech/Reg-tech Investments in Mortgage Bank M&A & Consolidation
Total loan value of verified, validated and certified loan closings to end of year 2016 Total $ amount of transactions identified as erroneous / fraudulent & corrected or redirected with FundingShield Certification Cost of FundingShield Certification versus Dollar Value of Potential Client Loss Exposure: Top 25 mortgage lenders clients serviced ~ $108 Billion+ ~ $19 billion+ >0.05% 8 Importance of fin-tech / reg-tech investments by mortgage banks in mergers or entities seeking consolidation. The Mortgage banking market continues to go through consolidation where a number of our clients and prospects in our development & on-boarding pipeline have found value in
Read More
Fundingshield’s Title Insurance Services – New Jersey settlement party acting as an unapproved issuing agent
William Klumper, a mortgage risk, technology and information security veteran joins the Fundingshield Advisory Board.
Newport Beach, CA (July 17, 2017) – Fundingshield, LLC., is pleased to announce the mortgage risk, information security and technology veteran, William Klumper, has joined its advisory board. William’s career has focused on driving best practices and technological innovation for the mortgage industry in the information security, risk and technology forums. He currently serves as the Chief Information Officer of First Mortgage Company LLC in Nebraska where he also assumed the Chief Security Officer & Chief Privacy Officer roles facilitating governance and controls during the firms rapid growth. He currently has several Mortgage Industry wide leadership roles including MISMO where
Read More
Fundingshield Newsletter 118 – MBA Secondary Conference Recap
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
Read More
Newsletter 117: Warehouse Lender Counterparty risk is beyond the surface level
Issue 117: March 29, 2017 Total loan value of verified, validated and certified loan closings to date 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 ~ $100 Billion+ ~ $17 billion+ >0.05% 8 “In light of the recent hacks and cyberattacks hitting closing agents which impacted some of our mortgage banking clients we began dialogue with several vendors for added cost effective solutions
Read More