The strategic alliance will put wire fraud protection directly in the hands of mortgage lenders and loan applicants, the company says in a release.
FundingShield offers loan-level verification services that assure closing funds transferred at the end of a mortgage loan transaction have gone to verified bank accounts belonging to authorized recipients.
As per the partnership, FundingShield’s Wire Account Verification Service (WAVS) will now be available through FormFree’s Passport all-in-one verification solution as a value-added 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,” says 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.”