FundingShield Announces Integrated Title Fraud Prevention Services on CoreLogic’s Digital Mortgage Platform

Rhea-AI Summary

FundingShield partners with CoreLogic to offer integrated title fraud prevention services on the Digital Mortgage Platform, aiming to combat the increasing wire and title fraud risks. The collaboration provides clients with access to a comprehensive ecosystem of applications to enhance data integrity, bank account verification, and compliance.

Positive

• Partnership with CoreLogic enhances FundingShield's reach and impact in the market.
• Integration offers clients cost-saving and risk-reducing solutions to combat wire and title fraud.
• FundingShield's extensive service provider source bank data coverage provides a competitive edge in the industry.
• Collaboration addresses the growing challenge of wire fraud prevention in the banking space.
• Automated solutions aim to drive ROI and improve risk management for CoreLogic clients.

Negative

• None.

Insights

Financial Analyst

The strategic alliance between FundingShield and CoreLogic signifies a crucial development in the financial technology sector, particularly in the realms of risk management and fraud prevention. The integration's timing is pertinent, as the Q4 2023 statistics indicate a 51.8% incidence of transactions susceptible to wire and title fraud, underscoring a pressing need for enhanced security measures in financial transactions.

From a financial perspective, this collaboration offers CoreLogic's clientele a value proposition that extends beyond mere data analytics to encompass fraud mitigation services. This could potentially reduce operational risks and associated costs for financial institutions, which in turn, may improve their bottom line and reduce incidences of financial loss due to fraud.

Moreover, the partnership leverages FundingShield's extensive service provider source bank data, which offers a substantial coverage of over 95%. This extensive coverage is a significant asset, as it enhances the reliability of the fraud prevention solutions provided. Financial institutions may perceive this as an opportunity to strengthen their risk management frameworks, which could be a factor in increasing trust and potentially attracting more customers.

Cybersecurity Expert

The integration of FundingShield's fraud prevention services into CoreLogic's Digital Mortgage Platform™ addresses a critical vulnerability in the real estate and mortgage sectors: cybersecurity threats. With wire and title fraud on the rise, the need for robust, real-time verification and compliance systems is more important than ever.

This partnership enhances the Digital Mortgage Platform's capabilities, offering an automated, API-driven approach to fraud prevention. Such technological advancements are essential in an industry where the speed of transactions and the volume of data make manual oversight challenging. By providing real-time, source-data verifications, FundingShield's technology can help in preemptively identifying and mitigating risks associated with fraudulent transactions.

The implications for stakeholders are substantial, as the integration aims to protect not only the financial institutions but also the borrowers, who are often the ultimate victims of wire and title fraud. By improving data integrity and bank account verification processes, the partnership could significantly reduce the incidence of fraud, thereby safeguarding the assets and personal information of all parties involved.

Market Research Analyst

The partnership between FundingShield and CoreLogic represents a strategic move within the fintech and property information sectors, likely to influence market dynamics. The demand for advanced fraud prevention solutions is evident and by providing a seamless API integration, the companies address this demand head-on.

The market impact of such an integration can be multi-faceted. Firstly, it positions CoreLogic as a forward-thinking player in the digital mortgage space, potentially increasing its market share and competitive edge. Secondly, by offering an ecosystem that simplifies compliance and risk management, CoreLogic can enhance customer retention and attract new clients looking for comprehensive solutions.

Furthermore, the focus on automated and real-time verification tools reflects a broader industry trend towards digital transformation. As more financial institutions adopt these technologies, we may witness a shift in industry standards towards more integrated and automated risk management solutions. This could lead to increased investments in similar technologies by other market players, aiming to keep pace with evolving security and compliance expectations.

NEWPORT BEACH, Calif. & SAN DIEGO--(BUSINESS WIRE)-- FundingShield, a market-leading fintech providing plug-and-play solutions to manage risk, compliance, and fraud prevention, has entered into a relationship with CoreLogic^®, a leader in global property information, analytics and data-enabled solutions, to provide comprehensive title fraud solutions via a seamless API integration to the CoreLogic Digital Mortgage Platform™. Together, the companies are working to protect borrowers and financial institutions from the rapid increase in wire and title fraud in recent years, delivering superior standards in data integrity, bank account verification, and counterparty compliance.

FundingShield Announces Integrated Title Fraud Prevention Services on CoreLogic’s Digital Mortgage Platform (Graphic: Business Wire)

Wire and title fraud risk reached an all-time high in Q4 2023 with 51.8% of transactions having issues that led to a risk of wire and title fraud (citation). As data security, payment risks, and cybersecurity threats have become more pervasive in the banking space, companies need access to solutions to help them minimize this risk.

With this new integration, CoreLogic Digital Mortgage Platform™ clients can now access FundingShield’s cost-saving and risk-reducing ecosystem of applications to protect against wire fraud and efficiently manage their risk and compliance as part of their existing mortgage closing workflows. FundingShield’s live ecosystem of service provider source bank data is one of the largest in the industry with over 95% coverage.

“Wire fraud prevention is a growing challenge and rising priority for CoreLogic clients,” said Bob Jennings, Executive, Collateral & Risk Solutions at CoreLogic. “As cyber-based threats hit the mortgage, title and real estate segments and payment-related fraud increases, our integration with FundingShield will allow our clients easy access to risk management solutions to address these concerns.”

“CoreLogic is the intersection of the data used to drive the mortgage and real estate markets,” said Ike Suri, CEO of FundingShield. “As clients seek automated solutions to drive ROI, we are excited to deliver FundingShield’s cutting-edge financial technology CoreLogic clients to help combat wire fraud. Our expertise is in providing automated, real-time, source-data verifications for compliance and risk management. We look forward to bringing our automations to more of the top US banks, residential and commercial real estate lenders where CoreLogic has deep domain knowledge and experience.”

About CoreLogic

CoreLogic is a leading provider of property insights and innovative solutions, working to transform the property industry by putting people first. Using its network, scale, connectivity and technology, CoreLogic delivers faster, smarter, more human-centered experiences that build better relationships, strengthen businesses, and ultimately create a more resilient society. For more information, please visit www.corelogic.com.

About FundingShield

FundingShield is a FinTech offering B2B & B2B2C solutions delivering transaction level coverage against wire & title fraud, settlement risk, closing agent compliance & cyber threats while reducing operating costs and improving asset quality for US real estate investors and U.S. mortgage finance companies. FundingShield’s user-centric, plug-and-play tools are scalable, pay-per-transaction, secure, cloud-based and are integrated via APIs or intelligent UIs driving a client ROI of over 400% on operational cost savings alone.

FundingShield is a 6-time HousingWire TECH100 Winner for 2019-2024; CFO Tech Outlook Top 10 Financial Security Solution Provider for 2021, 2022; Inc. 5000 award recipient for 3 years in a row 2021-2023, California Mortgage Bankers Association Tech Innovator, an ICE Mortgage Technology (InterContinental Exchange – parent of NYSE) Encompass partner, a Tata Consulting Services "TCS" partner (NSE: TCS), and a MasterCard partner (NYSE: MA).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221046714/en/

For more information or media inquiries contact:

info@fundingshield.com

Source: FundingShield

FAQ

What is the partnership between FundingShield and CoreLogic about?

The partnership aims to provide integrated title fraud prevention services on the Digital Mortgage Platform.

What percentage of transactions faced wire and title fraud risk in Q4 2023?

51.8% of transactions had issues leading to a risk of wire and title fraud.

What does FundingShield offer to CoreLogic Digital Mortgage Platform clients?

FundingShield provides cost-saving and risk-reducing applications to protect against wire fraud.

Who mentioned that wire fraud prevention is a growing challenge for CoreLogic clients?

Bob Jennings, Executive at CoreLogic, highlighted the importance of wire fraud prevention.

What expertise does FundingShield bring to combat wire fraud?

FundingShield specializes in automated, real-time source-data verifications for compliance and risk management.