Archives for Fraud

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
Read More

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
Read More

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
Read More

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,
Read More

Categories: Press and Press Releases.
Tags: Closing, coop, CPL, Fraud, Mortgage, Risk, Settlement, TMC, WAVs, and wire.

FundingShield Announces Partnership With Pioneer Underwriters and NFP Corporation to privide enhanced crimes policies covering New York State Attorney “Theft of client funds”

September 25, 2017 | by | Comments Off on 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

Categories: Press Releases.
Tags: 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

September 14, 2017 | by | Comments Off on 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

Categories: Press Releases.
Tags: 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

August 29, 2017 | by | Comments Off on 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

Categories: News Letters.
Tags: Closing, Cyber, Diversion, Fraud, Mortgage, Real Estate, Settlement, and Wire Fraud.

William Klumper, a mortgage risk, technology and information security veteran joins the Fundingshield Advisory Board.

July 17, 2017 | by | Comments Off on 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

Categories: Press Releases.
Tags: CIO, CISO, Fraud, funding, Fundingshield, Mortgage, Risk, Settlement, and wire.

FundingShield Newsletter 111 – FundingShield Successfully Completes Consulting Assignment for National Title Company

July 26, 2016 | by | Comments Off on FundingShield Newsletter 111 – FundingShield Successfully Completes Consulting Assignment for National Title Company

FundingShield LLC – Newport, CA – July 25, 2016 – Newsletter 111 FundingShield is excited to announce that it has successfully completed a consulting assignment for a National Title Company (“NTC”) that resulted in the amendment of Closing Protection Letter template (“CPL”) documentation of NTC for the attorney states of North Carolina and South Carolina. FundingShield began the process on the back of a referral from an existing and current top 10 retail lender client and the assignment was lead by FundingShield’s President Adam Chaudhary who has been driving the expansion of the firms client base and service offerings that
Read More

Categories: News Letters.
Tags: Compliance, Consulting, Fraud, Mortgage, Risk, Setttlement, and Title.