FormFree has integrated FundingShield’s loan-level verification services into its platform, the companies announced.
The integration will enable users of FormFree’s Passport to access FundingShield’s wire account verification service.
“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 a release. “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.”
FormFree said its Passport is a secure, digital version of a consumer’s financial ID that contains everything creditors need to know about a loan applicant.
“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,” FormFree founder and CEO Brent Chandler said.
FundingShield is a leading provider of risk management, fraud prevention and regulatory compliance technology solutions protecting the mortgage, real estate, title and legal industries. The company said its proprietary database of title and settlement parties is the largest in the industry with live, verified and vetted data.