FormFree has joined forces with FundingShield, a fintech company that offers services to protect mortgage lenders from wire fraud, to secure its customers’ financial information.
The company said it would integrate FundingShield’s wire account verification service (WAVS) into its verification product, Passport. FundingShield’s loan-level verification services assure that the closing funds of a mortgage transaction end up in the recipients’ verified bank accounts.
“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.”
“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,” said Ike Suri, chairman and CEO of FundingShield. “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.”