The current “purchase mortgage” market is causing mortgage banks across the country to re-examine their in-house closing party review processes as they have less control of closing agent selection. Additionally, this adds stress operationally and increases risk through closing agent review, compliance, risk management and wire fraud prevention if not actively utilized and deployed at the loan transaction level. Mortgage Participants: All Mortgage lenders doing purchase (non-refinance) transactions & any lender that cannot force the use of its preferred closing agents across all closings. Investors or Warehouse lenders concerned about closing agent controls. Problem: The purchase market is causing increased
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Archives for Mortgage
Fundingshield Newsalert: Mortgage wire fraud percetage increase with interest rates
Mortgage closing fraud continues to increase to and is reaching all-time highs while mortgage volumes are on a decline due to rising rates. From The Trenches Cybercriminals are using sophisticated phishing and email system penetration strategies to find a transactions in the mortgage market where they can execute an attempt to defraud one or more parties to the loan transaction. As the market volume has decreased, the percentage of transactions being attacked has spiked significantly. Fundingshield is actively assisting law firms, working with regulators and law enforcement to help non-clients in their attempts to recover stolen funds. Recent Fundingshield
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News Letters and Press.
BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.
BEC, Business Email Compromise, costs, Cyber, Fraud, LOS, Mortgage, Real Estate, Security, wire, and Wire Fraud.
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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Press and Press Releases.
corelogic, Fraud, Fundingshield, Mortgage, Real Estate, Risk, Stergios, Title, wire, and Wire Fraud.
corelogic, Fraud, Fundingshield, Mortgage, Real Estate, Risk, Stergios, Title, wire, and Wire Fraud.
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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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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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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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
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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
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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
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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
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