Verifications solutions provider FormFree has partnered with serial entrepreneur Kevin Harrington of “Shark Tank” to promote Passport, a free service that makes it easy for consumers to quantify their borrowing power and share their verified assets, employment, annual and residual income and rent payment history with their preferred lender.
Passport’s comprehensive and streamlined approach to verifying borrowers’ ability to pay significantly lowers lenders’ operational costs, reduces fraud risk and speeds loans along – all while putting borrowers in control of their data and opening up financial inclusivity to the historically underserved, FormFree says in a release.
Harrington’s team will support FormFree’s October 20 launch of Passport with advisory and marketing services, including the engagement of financial advisors, real estate agents and social media influencers in sharing the service with consumers who are ready to use their credit to achieve financial goals such as consolidating debts or financing the purchase of an automobile or home.
Brent Chandler, founder and CEO of FormFree, pioneered digital asset verification with the 2009 launch of AccountChek, a service that was used by more than 3,500 mortgage lenders to verify more than $4 trillion in borrower assets before its strategic divestiture to Stewart Information Services Corporation subsidiary Informative Research in March.
With the consumer debut of Passport, Chandler aims to transform the lending industry once again with technology that leapfrogs current financing barriers.
“Kevin [Harrington] is a masterful communicator,” Chandler says in the release. “Together we’re reshaping credit access with Passport by giving consumers direct control over their data for the first time.
”As we initiate this transformative shift in lending, our focus on low income and minority buyers is unwavering,” he adds. “They are at the heart of this change and stand to reap significant benefits.
“Having to gather and provide dozens of documents just to understand their own borrowing capacity deters countless consumers from applying for financing – and it’s a hurdle they have to clear again and again if they want to apply with several lenders and compare offers,” adds Harrington. “Passport makes it practical for consumers to share their always up-to-date financial data with a marketplace of lenders all at once and consider multiple, competitive offers.”
Chandler and Harrington will appear together at the Mortgage Bankers Association Annual Convention and Expo in Philadelphia next week.