FundingShield - Financial Risk and Compliance Solutions/Service Company

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FundingShield: Defending Homeowners from Wire and Title Fraud

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IkeSuri, Chairman & CEO, FundingShieldIkeSuri, Chairman & CEO
Over the last decade, the U.S. housing market boom gave rise to independent mortgage banks (non-depository bank lenders) that offer avenues to perform quick and seamless mortgage lending products & services. These lenders, like their big bank brethren, face challenges to ensure a secure transfer of funds, which has led to a surge in wire and title fraud. This year, as the COVID-19 pandemic resulted in interest rate cuts, the housing and mortgage arena continues to experience a significant uptick in activity, thereby leading many homeowners and lenders into sizeable unsafe risky transactions. Commensurately, financial institutions including bank, independent mortgage banks, state and local governments, title companies and others quickly adapted to working remotely and transitioned these massive workforces from on-premise tasks to work-from-home. This shift has contributed significantly to first and third party wire and title fraud risk and events. California-based FundingShield is delivering its comprehensive portfolio of products and services to secure transactions for lenders and consumers involved in this active and growing market that needs control due to these compounding dynamics that are driving risk. "We provide plug-and-play, cloud-based, risk-free, and highly scalable solutions to aid our clients protect their housing and title transactions with ease," says Ike Suri, chairman and CEO at FundingShield.

Currently, to address the prevalent challenges in the mortgage and housing arena, the company has developed solutions that help all relevant parties defend their transactions from malicious entities and driving verification, validation and screening processes that prevent the opportunities for wire and title fraud. Additionally, FundingShield also provides SaaS offerings with unparalleled scalability and security to enable the remote execution of critical vetting tasks required for regulatory risk compliance surrounding these numerous service providers involved in the mortgage finance process. The SaaS manages several relationships and drives automation and consistency around these tedious processes. In 2020, the company has also developed a product to help clients perform single-click API based integration, which enables firms to securely execute data transfer quickly while working from any secure permitted connection. Today, FundingShield's product portfolio comprises three core products, namely, the Guardian Service, Wire Account Verification Service (WAVS), and Service Provider Compliance (SPC) offerings.

Delving deeper, the Guardian product Service is a comprehensive transaction-level certification that is designed to aid clients in verifying, validating, and vetting all the stakeholders involved in a transaction, thereby minimizing the opportunities of wire and title fraud.

We provide plug-and-play, cloud-based, risk-free, and highly scalable solutions to aid our clients protect their housing and title transactions with ease

"Our Guardian solution has a transaction level coverage of up to USD 2 million, which is unique in today's housing industry," adds Suri. FundingShield's WAVS product is precisely focused on ensuring that a client's mortgage-related wire transfers reach the intended party in a safe and timely manner as a form of payee validation. The WAVS solution is used by lenders or consumers to ensure that all their leads can effectively perform wire transfers and complete their transactions securely. WAVs add additional value through its rich data that can recognize fraudulent parties or entities that do not have the licenses to conduct settlement services. WAVS also aids consumers purchasing a home in overcoming the market vulnerabilities specific to borrowers who have been the target of the rising amount of attacks. Lastly, FundingShield's SaaS-based SPC solution help lenders, investors or other real estate finance-focused entities automate their documentation submission by collecting housing vendor data where the tools manage the assessment and approval process in a secure, controlled and audited environment. SPC expands and enhances a bank's vendor repository and helps them keep track of any changes in their licensing status and other critical regulatory requirements in real-time. As a result, lenders can safely collaborate with validated and vetted vendors, thereby minimizing their losses and driving better relationship with approved and compliant vendors they transaction with as part of daily operations. "Stitching together our solution as part of risk, operations and control framework delivers a comprehensive solution not just for preventing wire and title fraud, but for enhancing asset quality, controls, and the efficiencies of vendor management that result in cost savings and gathering of real-time actionable intelligence," mentions Suri.

FundingShield has ignited several successful mandates over the past few years. In one case, the company helped a top 10 U.S. money lender efficiently transition the workforce into a work-from-home setting without interruption to closing processes and maintained risk standards. "In this project, the client wanted a proven, seamless, plug-and-play solution that could integrate quickly and be used effectively by the staff. We were able to deliver this in the middle of a global pandemic as risk increased systematically while preventing several fraud attempts and improving title procurement and documentation relative to pre-pandemic challenges the client faced," states Suri. With FundingShield's portfolio, the customer was able to manage its transitioning workforce while ensuring that all their operations were performed safely and seamlessly regardless of their employees' location.

Moving into the future, FundingShield aims to expand its workforce's technical and professional competency adding to its experts from the Fintech, cybersecurity, mortgage, analytics, and software development arenas. Concurrently, the company is collaborating with several financial institutions and strategic partners to pave the way to continue its significant growth in the coming years. To conclude, Suri reiterates FundingShield's mission, "We want to deliver world-class, cutting-edge solutions in the mortgage FinTech arena and be true to our partners while helping them resolve wire and title fraud and compliance issues."

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Newport Beach, California

IkeSuri, Chairman & CEO

Provides a comprehensive portfolio of products and services to help firms with their need for a safe and efficient way to ensure the security of their mortgage and refinancing wire transactions