FundingShield has partnered with CoreLogic 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.
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. As data security, payment risks, and cybersecurity threats have become more pervasive in the banking space, companies need access to solutions to help them minimise this risk.
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51.6% of transactions have at least one risk issue.
In 2023, FundingShield revealed that 51.6% of transactions have at least one risk issue. With this new integration, CoreLogic Digital Mortgage Platform clients can now access FundingShield’s to protect against wire fraud and efficiently manage their risk and compliance as part of their existing mortgage closing workflows.
Bob Jennings, Executive, Collateral & Risk Solutions at CoreLogic, said: “Wire fraud prevention is a growing challenge and rising priority for CoreLogic clients “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.”
Ike Suri, CEO of FundingShield, added: “CoreLogic is the intersection of the data used to drive the mortgage and real estate markets. 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.”
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