SAN DIEGO, Calif. /California Newswire/ — 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 by 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, Chief Executive Officer of The Mortgage Collaborative. “FundingShield’s sophisticated verification products will offer our members peace of mind when executing the closing process and transfer of funds at the end of a mortgage loan transaction.”
FundingShield services to TMC members include, WAVs or Wire Account Verification Services, which customers can leverage wire verifications instantly from the FundingShield proprietary dataset of over 40,000 verified settlement party wire accounts. Also offered is The Guardian Service, a loan closing transaction level monitoring system that provides a loan level certificate of assurance confirming good settlement, valid CPL coverage and forms, wire account confirmation, approved and authorized closing parties, licensing of agents and more on every closing.
“We are excited to partner with TMC to provide their members with industry leading solutions to manage risk and fraud in funding their mortgage closings,” said Ike Suri, Chairman & CEO of FundingShield. “With an increase in fraudulent activities including social engineering, phishing, hacks and other fraud schemes deployed in the market we hope to assist TMC members to minimize their risk while achieving the highest standard in closing and funding process oversight from a regulatory & fraud perspective. We look forward to meeting and presenting to the TMC members at the upcoming TMC events.”
The Mortgage Collaborative network is more than 120 lenders strong, with an aggregate annual origination volume of over $200 billion. The lender network is supported by a preferred partner network of organizations that specialize within each facet of the mortgage life cycle. The Mortgage Collaborative is rewriting the playbook on the cooperative model and their network caters to lenders of all sizes, with a strong mix of independent mortgage brokers and community banks and depositories.
About The Mortgage Collaborative:
Based in San Diego, The Mortgage Collaborative was founded in 2013 to empower mortgage lenders across the country with better financial execution, reduced costs, enhanced expertise, improved compliance, and to help its members access the dynamic and changing consumer base in America. The association is managed by its founding members: John Robbins, CMB; David Kittle, CMB; Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals (NAHREP); and Jim Park, former chair of the Asian Real Estate Association of America (AREAA). Robbins and Kittle are former chairmen of the Mortgage Bankers Association of America (MBA).
For more information, visit: http://www.mortgagecollaborative.com/.
FundingShield is an industry leading financial technology firm that protects the mortgage, real estate, title and legal services industries from wire fraud, social engineering attempts, cyber based and settlement agent based wire fraud. FundingShield’s cost and time effective solutions deliver the highest level of control and risk mitigation to our clients at the loan transaction level. FundingShield has proven products with hundreds of billions of dollars of transaction history from its existing clients such as major banks, asset managers and independent mortgage banks of all sizes in the residential and commercial mortgage industry.
For more information, visit: https://www.fundingshield.com/.
News Source: The Mortgage Collaborative