FundingShield

FundingShield is a FinTech startup specializing in wire and title fraud prevention for the mortgage and real estate market. Founded in 2010, the company offers protection in the funding process to close newly originated mortgage loans, safeguarding against loss due to inaccurate or insufficient documentation and diversionary wire practices. Unlike the industry standard of relying on outdated exclusionary lists, FundingShield actively monitors transactions and inspects documentation to ensure valid closing protection letters (CPLs). FundingShield serves as a single destination for quickly accessing sources to detect fraud risk in CPLs and validate closing agents' compliance with state license requirements at the transaction level. The company meticulously examines each transaction, confirming the parties to the closing are properly licensed, documents have accurate data, correct state forms are used, and closing parties stay within their issuance limits. Furthermore, they ensure the sufficiency of insurance and match bank account details to their existing database. As regulatory bodies such as the OCC and CFPB impose high standards on third-party service provider due diligence, FundingShield believes in mitigating risks associated with organizations' exposure to third parties at the time of each transaction. With its focus on providing the highest level of protection in the residential mortgage industry, FundingShield's innovative approach to fraud prevention has the potential to make significant impacts in the financial services sector.