FundingShield, a market leading provider of wire fraud prevention, mortgage compliance and risk management fintech solutions, announced that its comprehensive wire fraud and settlement risk management technology, the Guardian Service, is now available through Encompass® by Ellie Mae®. The seamless integration allows lenders to order FundingShield’s Guardian Service directly through the Encompass digital mortgage solution to drive quality and efficiency in the loan origination, closing and title agent vetting processes via this loan level certification product.
Guardian Service leverages FundingShield’s live, cloud-based, artificial intelligence and machine learning systems to de-risk, insure and provide compliant automated workflows for closing and settlement agent vetting. Guardian Service also offers comprehensive wire fraud prevention and compliance checks included on every loan looking at licenses, corporate status, background checks, wire account verifications and title insurance validation processes among other data sets. This allows lenders to seamlessly engage with any valid closing agent in the country while reducing operating, compliance and closing costs with improved loan quality and workflows. FundingShield also has the largest live database of closing agent bank accounts with current valid data on over 60,000 parties, the largest database of its kind in the industry.
The integration allows Encompass users to request and order the service with a single click to obtain immediate responses to confirm that state level regulations and closing requirements are being followed, title system and LOS data match, valid CPLs are in every file, and that the bank accounts used are for the respective intended licensed recipients who are in good standing.
“Our mission is to offer lenders a true digital mortgage with robust solutions to automate every step of the residential mortgage process,” said Parvesh Sahi, senior vice president of business development for Ellie Mae. “Through our partnership we are digitizing workflows for closing and settlement agent vetting, removing risk and increasing efficiencies. With FundingShield we are adding a new wire verification category on the Encompass Partner Network and bringing more value to more customers, faster.”
Ellie Mae is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae empowers lenders and investors to engage homebuyers and efficiently originate, close, sell and purchase loans that maximize ROI across their business all from a single system of record. The platform delivers a true digital mortgage experience across the entire mortgage workflow for every channel, every loan transaction and every customer type.
“FundingShield is excited to partner with Ellie Mae,” said Ike Suri, chairman and CEO of FundingShield. “Our seamless integration with Encompass enables our clients to access FundingShield’s user centric workflows from their native LOS, so they can more efficiently process mortgage loans, protect their firm from fraud and grow their business. We look forward to a long, successful relationship with Ellie Mae.”
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to learn more.
FundingShield is a leading provider of risk management, fraud prevention and regulatory compliance technology solutions protecting the mortgage, real estate, title and legal industries. FundingShield’s award winning FinTech solutions deliver the highest level of control and risk mitigation against wire fraud, settlement risk, third-party vendors and cyber fraud while improving the bottom line. The firm’s proprietary database of title and settlement parties is the largest in the industry with live, verified and vetted data. FundingShield’s services deliver actionable intelligence at the transaction level with coverage up to $5 million per transaction leveraging the firm’s cognitive AI and machine learning tools. These user-centric solutions are plug’n play, scalable, pay as you go, secure, cloud-based and integrate easily through its APIs. FundingShield is a HousingWire Tech100™ company for the year 2019. For more information on FundingShield or to speak with our sales or product team please email Sales@Fundingshield.com or call 949 706 7888.
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