Archives for News Letters

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.

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

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 as Thanksgiving, Christmas,
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Categories: News Letters and Press.

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
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Categories: News Letters.

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
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Categories: News Letters.

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
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Categories: News Letters.

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
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Categories: News Letters.

FundingShield Newsletter – 115. FundingShield’s services provide mortgage lenders risk and exposure mitigation in New York State Settlements by analyzing the closing Attorney’s Insurance Coverage for risk of “Theft of Client Funds”. We have seen a large increase in client business related to this concern and are working with insurers to develop products and solutions around this specific gap in coverage.

Issue 115: January 11, 2017     Total loan value of verified, validated and certified loan closings to end of year 2017   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   ~ $80 Billion+   ~ $15 billion+   >0.05%   8   The vast majority of mortgage lenders have ZERO INSURANCE COVERAGE IN NEW YORK STATE for theft of settlement funds. The current insurance market conventions and policy
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Categories: News Letters.

FundingShield wishes all a wonderful, safe and joyous Thanksgiving! Take a look at our newsletter during your travels to see some of the cool things we are providing the residential mortgage industry

Issue 114: November 18, 2016   Total loan value of verified, validated and certified loan closings to end of Oct 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 ~ $70 Billion+ ~ $10 billion+ >0.05% 8   FundingShield retained by Top 25 mortgage lender to conduct a third-party service provider & vendor review.  The audit of the lenders relationships has resulted in a FundingShield engagement to provide surveillance and compliance data
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Categories: News Letters.