FundingShield shared its Q2 2024 Fraud Analytics Showing 47% of loans were at risk for #wirefraud & #titlefraud Our CEO Ike Suri shared, “With a heightened cyber threat environment with increased cyberattacks resulting in more leaked private information, bad actors have additional data to leverage to exploit gaps in controls in the #mortgage and real estate market. Lenders have been busy deploying FundingShield’s solutions to drive automation and cost savings while protecting their firms when they engage with closing agents.” Adam J. Chaudhary Saam B. Kurt Kluth ICE Mortgage Technology CoreLogic SitusAMC Docutech® First American Fidelity National Financial Stewart Title Tata Consultancy Services Federal Housing Finance Agency Jerry Halbrook John M Hedlund Fannie Mae Freddie Mac National Private Lenders Association American Association of Private Lenders American Bankers Association American Fintech Council American Banker About Fraud Gartner Cybersecurity and Infrastructure Security Agency Structured Finance Association Asset-Backed Alert Mortgage Bankers Association MISMO California MBA HousingWire National Mortgage News Mortgage News Daily
FundingShield
Financial Services
Newport Beach, California 2,725 followers
FinTech: Wire & Title Fraud Prevention for the Mortgage & Real Estate Market
About us
FundingShield provides the residential mortgage industry's highest level of protection in the funding process to close newly origination mortgage loans. We protect against loss of funds due to inaccurate and/or insufficient documentation, diversionary wire practices or parties closing in excess of their coverage limits from closing agents or attorneys which could jeopardize closing protection letter coverage. FundingShield provides monitoring at the transaction level, not by assigning risk tolerance or rating levels to parties but by active monitoring of its clients closings and inspection of the necessary documentation to make an assurance of a valid CPL. We may use exclusionary lists but we do not rely on looking at outdated exclusionary lists to approve a transaction like the majority of the industry. FundingShield is your single destination to quickly and efficiently access sources to detect fraud risk in closing protection letters (CPLs) and to validate your closing agents compliance with state license requirements verifying these critical details at the transaction level We look at each transaction to confirm that: –The parties to the closing are properly licensed and/or authorized including an attorney bar status verification –The documents have name, legal entity and other data matches vital to ensure coverage –The correct state forms are being used –The closing party is within its issuance limits –That sufficient insurance in type/form and amounts are in place (crimes policies, E&O or other coverages that may be needed to afford protections and states has different requirements) –The bank account where funds are to be transferred match our existing database as to account name and title Regulatory bodies such as the OCC and CFPB are placing extremely high standards on Third Party Service Provider Due Diligence –we believe mitigating risk associated to an organizations third parties exposure should be done at the time of each transaction
- Website
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http://www.FundingShield.com
External link for FundingShield
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Newport Beach, California
- Type
- Privately Held
- Founded
- 2010
- Specialties
- Mortgage Fraud, Mortgage Closing, Closing Protection Letters, Closing Agents, Wire fraud prevention, Risk Management, Regulatory Compliance, Title Fraud, and Insure tech
Locations
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Primary
Get directions
660 Newport Center Drive #710
Newport Beach, California 92660, US
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Get directions
660 Newport Center Dr
Suite 710
Newport Beach, California 92660, US
Employees at FundingShield
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John M Hedlund
Adanac Advisors Group (AAG), Board Chair/Director, Entrepreneur, Tech Investor/Advisor, Past COO AmeriHome Mortgage, Chair MISMO, Board Member MBA…
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Ike Suri
Chairman & CEO at FundingShield - Fintech preventing cyber/wire/title fraud to manage risk, vendor and regulatory compliance , secured over $3T + in…
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Kurt Kluth
Executive Database Administration
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Kham Sinthavy
AVP, Operations at FundingShield
Updates
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Meet team FundingShield at the HousingWire AI Summit at the George Bush Library & Museum in Dallas, TX on July 23rd Industry tech leaders, lenders, real estate professionals and executives from across the country will be coming together to discuss #artificialIntelligence and its impact on #mortgage lending Contact [email protected] to connect with our team at the event to see how our technology and automations can prevent #wirefraud, title fraud and manage closing agent risk and compliance. Ike Suri Adam J. Chaudhary Mortgage Bankers Association California Mortgage Bankers Association Texas Mortgage Bankers Association Texas Capital Planet Home Lending, LLC LENDARCH Tata Consultancy Services SitusAMC CoreLogic MISMO Cybersecurity and Infrastructure Security Agency Fannie Mae Freddie Mac Fairway Independent Mortgage Corporation Newrez LLC Emporium TPO Citi Jerry Halbrook John M Hedlund James Dean Fenelon Saam B.
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Check Out FundingShield's live onstage demo at California Mortgage Bankers Association's Mortgage Innovators 2024 with our strategic partners and Stonepoint Capital portfolio companys': CoreLogic and SitusAMC (video link below 📽) https://lnkd.in/g59R_u5u CoreLogic showcased an embedded consumer #homebuyer down-payment protection solution to prevent borrower related #wirefraud powered by FundingShield’s real-time, live, expansive ecosystem of vetted closing agents. SitusAMC walked through how #Warehousebanks benefit from integrated wire and payment verification solutions in real time (utilizing FundingShield’s APIs) as part of automated and intelligent workflows within the warehouse funding process Ike Suri Anthony Beshara Adam J. Chaudhary Mortgage Bankers Association Federal Housing Finance Agency California Department of Financial Protection and Innovation Consumer Financial Protection Bureau American Bankers Association American Fintech Council Fannie Mae Freddie Mac Structured Finance Association About Fraud Texas Mortgage Bankers Association Tata Consultancy Services ICE Mortgage Technology Planet Home Lending, LLC TowneBank Paramount Residential Mortgage Group Inc. (PRMG Inc.) Axos Bank Rich Berg Saam B. John M Hedlund Jerry Halbrook James Dean Fenelon Meghana Hulsure
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FundingShield welcomes AmWest Funding Corp to our #wirefraud and #titlefraud prevention services #Mortgage #NonQM #Securitization Ike Suri Adam J. Chaudhary Mortgage Bankers Association California Mortgage Bankers Association Structured Finance Association
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Check out the video link below of FundingShield's CEO Ike Suri at the California Mortgage Bankers Association's Mortgage Innovators Conference 2024. He spoke on the panel "The Growing Cybersecurity Threat” alongside Chris Hilliard (Winnow Solutions, LLC), Eric Blumberg (Aster Key) and led by RWM Home Loans’ Principal and Chief Strategy Officer Susanne Livingston. Video Link 📽 https://lnkd.in/gce2zByp Securing data in transit, at rest, and among parties during critical interchanges is an important #cybersecuirty topic that will drive further discussion around regulations, #digitalidentity, encryption and verification of data using 1st party data. Innovation from firms like these will be needed to combat threats posed by bad actors including #wirefraud and other risks in this dynamic market. Adam J. Chaudhary Saam B. James Dean Fenelon Jerry Halbrook John M Hedlund Mortgage Bankers Association Cybersecurity and Infrastructure Security Agency About Fraud CoreLogic SitusAMC Tata Consultancy Services Planet Home Lending, LLC Fannie Mae Freddie Mac California Department of Financial Protection and Innovation Federal Housing Finance Agency ICE Mortgage Technology
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Happy Independence Day from team FundingShield, let us remember that our freedoms have came from great efforts and sacrifices by so many. Enjoy the day with family, friends, good food and appreciation for the freedoms we so greatly enjoy! “We must be free not because we claim freedom, but because we practice it,” - William Faulkner, American writer
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#JuneTeenth is a day to recognize the cost of freedom, the beauty of humanity and the preservation of dignity. It is also an opportunity to educate and support black owned businesses, foundations and efforts in communities across the country. Here is a good link to learn more: https://lnkd.in/gy9NGEn9 “My humanity is bound up in yours, for we can only be human together.” – Archbishop Desmond Tutu | Human Rights Activist
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FundingShield's presenting during the National Private Lenders Association Conference where our President Adam J. Chaudhary will join industry leaders on a panel to address #riskmanagement, #wirefraud, #titlefraud and compliance in the private lending space. Attend this panel and session Tuesday 6/25 at 1:45pm at the Hard Rock Hotel & Casino Atlantic City and contact [email protected] to learn more about our solutions to vet closings agents, prevent wire and title fraud and manage risk to cyber threats. Ike Suri Saam B. About Fraud Lima One Capital Center Street Lending CV3 Financial Services Structured Finance Association Encore Finance Capital Nomura Mortgage Bankers Association California Mortgage Bankers Association CoreLogic SitusAMC Tata Consultancy Services ICE Mortgage Technology Kiavi Verus Mortgage Capital
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Our gratitude and appreciation to all the fathers who play roles of mentors, friends, and guides in their children’s and family’s lives. An awesome father inspires with kindness, compassion, and strength every single day. Happy Father’s Day! Ike Suri Adam J. Chaudhary
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