Archives for Mortgage

HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics

October 22, 2021 | by | Comments Off on HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics

  HousingWire Reports FundingShield Q3 2021 Wire Fraud Market Risk Analytics Commentary from FundingShield’s CEO Ike Suri Wire and title fraud risk continued to rise in the third quarter of 2021 where 47% of loans reviewed by FundingShield had at least one risk finding, and of those loans, an average of 2.1 risk findings existed per transaction. This is a sign of increased overall risk and a higher concentration of risk elements for problematic loans. This growth comes on the back of all-time high values from the first & second quarter of this year. E-closings and other automation technologies continue
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Categories: featured, Press, and Press Releases.
Tags: Consumer Fraud, Mortgage, mortgage Fraud, Title Fraud, and Wire Fraud.

FundingShield’s CEO, Ike Suri Provides Insights on Protecting Clients and Organizations from Wire Fraud

September 4, 2021 | by | Comments Off on FundingShield’s CEO, Ike Suri Provides Insights on Protecting Clients and Organizations from Wire Fraud

Protect Your Clients and Yourself From Wire Fraud Foil scammers before they steal someone’s closing funds By Ike Suri, FundingShield CEO Published in Scotsman Guide September 2021 Edition Homepage ———————————————————————————————————————————————————————- Wire Fraud is a growing problem for mortgage lenders of all sizes and their clients. This kind of fraud targets down payments and loan funds being sent into escrow. The scammer, who could be internal or external, uses a version of a phishing ploy ÔÇö often using email purporting to be from a legitimate company ÔÇö to infiltrate networks and watch transactions progress. At the right time, they send fraudulent
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Categories: Media.
Tags: #APIs, #formfree, #MortgageTech, #wirefraud, #wires, Bank, BEC, Business Email Compromise, Closing, Compliance, corelogic, Cyber, FBI, Fintech, Fraud, Freddie Mac, Mortgage, regtech, Risk, Security, and Title.

FundingShield Receives MISMO® Software Certification for Wire Fraud Prevention Technology

October 11, 2019 | by | Comments Off on FundingShield Receives MISMO® Software Certification for Wire Fraud Prevention Technology

NEWPORT BEACH, Calif. (October 9, 2019) – FundingShield, an industry leading innovator within the mortgage fintech industry, is pleased to announce that its wire fraud prevention software products, Guardian Service and Wire Account Verification Service, have received Premiere Level Certification from MISMO┬«, the mortgage industry’s standards organization. Premiere Level Certification is the highest certification given by MISMO.   “We are delighted to have FundingShield successfully certified MISMO compliant,” said Ike Suri, Chairman and CEO, FundingShield, LLC. “This is an important step towards a better customer experience through safeguarding data, preventing wire fraud, managing risk, and ensuring loan level transaction compliance.”
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Categories: Press and Press Releases.
Tags: #MortgageTech, #Titleinsurance, #wirefraud, Fintech, insurance, Mortgage, Risk, and Title.

FundingShield’s Chairman & CEO, Ike Suri, interviewed by MortgageMedia’s Dave Matthews

October 4, 2019 | by | Comments Off on FundingShield’s Chairman & CEO, Ike Suri, interviewed by MortgageMedia’s Dave Matthews

CLICK ON IMAGE BELOW TO VIEW THE FULL INTERVIEW AND WRITE UP FROM MorgtgageMedia Loan Security: Don’t Bring a Knife to a Gunfight
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Categories: Media and Press.
Tags: BEC, Business Email Compromise, consumer, Cyber, downpayment, funding, home, loan, Media, Mortgage, Mortgagemedia, payment, Webcast, and Wire Fraud.

FundingShield partners with FormFree┬« to Deliver Enhanced Wire Fraud Protection to FormFree’s Network of More than 1,000 Mortgage Lenders Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants

July 11, 2019 | by | Comments Off on FundingShield partners with FormFree┬« to Deliver Enhanced Wire Fraud Protection to FormFree’s Network of More than 1,000 Mortgage Lenders Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants


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Categories: Press and Press Releases.
Tags: #formfree, #payments, #wirefraud, #wires, Fintech, Fraud, Fundingshield, Mortgage, regtech, and Risk.

Housing Finance Leader Faith Schwartz Joins Board of Wire Fraud Fintech FundingShield

January 8, 2019 | by | Comments Off on Housing Finance Leader Faith Schwartz Joins Board of Wire Fraud Fintech FundingShield

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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Categories: Press and Press Releases.
Tags: Business Email Compromise, corelogic, Fintech, Freddie Mac, Fundingshield, HousingWire, Mortgage, regtech, Wire Fraud, and women in business.

Fundingshield reports ~$75 million per day in wire and closing fraud exposure

October 16, 2018 | by | Comments Off on 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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Categories: News Letters and Press.
Tags: BEC, Business Email Compromise, Compliance, Crime, Cyber, FBI, Fintech, Fraud, lending, losses, Mortgage, Risk, Security, wire, and Wire Fraud.

Fundingshield CEO quoted in National Mortgage News “The best defense is offense”

August 29, 2018 | by | Comments Off on 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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Categories: Media and Press.
Tags: Brad Finkelstein, Closing, Compliance, CPL, FBI, Fintech, Fraud, funding, Fundingshield, IC3, loss, Mortgage, National Mortgage News, protection, regtech, shield, wire, and Wire Fraud.

Fundingshield announces Jerry Halbrook joins its Senior Advisory Board

August 7, 2018 | by | Comments Off on 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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Categories: Press and Press Releases.
Tags: 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

June 5, 2018 | by | Comments Off on 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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Categories: News Letters and Press.
Tags: Bank, CMBA, Cyber, Fannie Mae, Fintech, FNMA, Fraud, Freddie Mac, Fundingshield, Hackers, IBM, MBA, Mortgage, Risk, Secure, wire, and Wire Fraud.