Strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants
Newport Beach, CA – July 11, 2019 – FormFree® today announced that it has entered into a strategic alliance with FundingShield, a fintech firm that safeguards homebuyers, mortgage lenders and title insurance underwriters from wire fraud.
FundingShield’s loan-level verification services assure closing funds transferred at the end of a mortgage loan transaction go to verified bank accounts belonging to authorized recipients. FormFree will integrate FundingShield’s Wire Account Verification Service (WAVS) into its Passport® all-in-one verification solution as a value-added service available to more than 1,000 mortgage lenders and their customers, including those who use 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,” said Ike Suri, Chairman & 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.”
“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,” said FormFree Founder and CEO Brent Chandler. “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 is a fintech company whose market-leading AccountChek® Asset Reports are used by lenders nationwide to verify borrower assets, employment and income in minutes. To date, more than 1,000 U.S. lenders have ordered over 1.25 million AccountChek Asset Reports, delighting their customers with a paperless experience and reducing origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey™. A HousingWire TECH100™ company for four consecutive years, FormFree is based in Athens, Georgia.
For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.
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 the sales or product team, firstname.lastname@example.org, call (949) 706-7888 ext. 2 or visit https://www.fundingshield.com/.
Twitter: @RealFormFree #FundingShield #AccountChek #Mortgagebot #digitalmortgage #mortgagelending #WireFraud #RiskManagement #FinTech #MortgageTech #RegTech