FormFree recently entered into a strategic partnership with FundingShield, a fintech firm which provides wire fraud protection to homebuyers, mortgage lenders and title insurance underwriters.
FundingShield’s loan-level verification services are designed to assure closing funds transferred at the end of a mortgage loan transaction go to verified bank accounts belonging to authorized recipients, according to a press release.
FormFree plans to integrate FundingShield’s Wire Account Verification Service (WAVS) with its Passport all-in-one verification solution as a value-added service available to more than 1,000 mortgage lenders and their customers, the release states. That includes customers using Passport through one of FormFree’s more than 100 integrations and reseller partnerships.
“FundingShield creates a more secure closing experience for all parties involved in a loan, from the borrower to the investor and all the service providers in-between,” FundingShield Chairman and CEO Ike Suri said in the releease. “By partnering with FormFree, we’ll be able to put that protection directly in the hands of mortgage lenders, loan officers and applicants, reducing their risk of lost funds and delayed closings due to fraud.”
“Passport by FormFree is the secure, digital version of a consumer’s financial ID that contains everything creditors need to know about a loan applicant,” FormFree Founder and CEO Brent Chandler said. “Our alliance with FundingShield, which gives Passport users access to industry-leading wire fraud protection, is a perfect fit for FormFree’s focus on making lending more secure and transparent.”