Archives for wire

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 bots, with redundant schemes
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Categories: News Letters and Press.

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
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Categories: Media and Press.

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 Intelligence Divisions and many
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Categories: Press and Press Releases.

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 reputational risk concerns. “The rising fraud attempts come while lenders expand their efforts
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Categories: News Letters and Press.

FS Newsletter 123: Mortgage “Purchase Market” Drives Closing Agent Stress

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
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Categories: News Letters and Press.

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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Categories: News Letters and Press.

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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Categories: Press and Press Releases.

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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Categories: Press and Press Releases.

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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Categories: Press Releases.