FundingShield Announces $670 Billion in Mortgage Related Payments Secured in 2022, 63% Client Growth in 2022, and CEO Ike Suri Appointed to California Mortgage Bankers Association Board
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–#cybersecurity—FundingShield announced that its CEO, Ike Suri, has been appointed as a board member to the California Mortgage Bankers Association (“CMBA”), the country’s largest state level Mortgage Finance Association. The appointment of Ike Suri comes at a time when the mortgage market is seeking further efficiencies driven by technology to manage cost, risk, improve throughput and improve client experience in light of higher interest rates, lower transaction volumes and elevated costs.
FundingShield’s Q3 2022 Wire & Title Fraud Risk report shared that close to half of the closings it monitored were exposed to higher risk ranging from documentation, compliance, license and background issues leading to vulnerabilities of fraud. Increased cyber security related risks, data breaches, a more challenging real estate finance market resulted in client growth of 63.5% during 2022 while much of the mortgage technology ecosystem is dealing with sizeable double-digit decline in revenues. The firm secured approximately $55 Billion per month on average for $670bn secured in 2022 total.
Ike Suri shared, “The mortgage industry is going through headwinds, and we empathize with our clients going through low volumes, however fraud has only risen as it has an inverse relationship. Cyber security prevention tools and risk automation has helped our clients’ right size while maintaining compliance, review and risk management workflows in this challenged market. The risks are pervasive thus the solutions being leveraged allow clients to save up to $200 per transaction. We are the only firm to offer a warranty product covering up to $5mm per transaction for these sorts of risks. Our strategic partnerships continue to grow in addition to our partnership with Ice Mortgage technology where we provide a single-click, safe, secure and seamless cyber security and compliance solution out of the box.”
About FundingShield:
FundingShield is a MISMO Certified 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 US mortgage finance companies. FundingShield’s user-centric plug’n’play tools are scalable, pay-per-loan, secure, cloud-based and are integrated via API’s or LOS (Encompass) driving ROIs >200% on operational cost savings alone.
FundingShield is a 4-time Housingwire TECH100 Winner for 2019,- 2022 CFO Tech Outlook Top 10 Financial Security Solution Provider, 2021 & 2022 Inc.5000 award recipient (in the Top 500), California MBA Tech Innovator, ICE Mortgage Technology (InterContinental Exchange) Encompass partner and an IBM cloud services partner.
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