FOR IMMEDIATE RELEASE
ACCOUNTCHEK NAMED A TOP INNOVATION BY PROGRESS IN LENDING ASSOCIATION
Paperless verification of deposit and asset (VODA) technology transformed the process of demonstrating a borrower’s ability to pay back loans while saving time and reducing fraud
Athens, GA – March 19, 2014 – AccountChek, the mortgage industry’s premier automated verification of deposit and asset (VODA) solution, has been named a top innovation by the PROGRESS in Lending Association for transforming the method of verifying a borrower’s assets into a paperless process, thus preventing fraud, improving quality assurance and saving time in the mortgage process. The honor was presented to FormFree Holdings Corp., the developers of AccountChek, at a March 18th award ceremony that marked the opening of the Mortgage Bankers Association’s National Technology in Mortgage Banking conference in Los Angeles, California.
The PROGRESS in Lending Association Innovations Awards recognize solutions that were introduced into the mortgage industry during 2013 that changed the industry for the better. Nominations were scored on a weighted scale based on the innovation’s overall industry significance, originality, positive change, hard cost, time savings and intangible efficiencies.
“Considering the significant role the PROGRESS in Lending Association plays in promoting mortgage industry innovation, this recognition is a major honor,” said Brent Chandler, FormFree’s founder and CEO. “We know that our work is just beginning. But awards like this one are further proof to us that we are on the right track, and that paperless asset verifications are an innovation whose time has come.”
Used by mortgage lenders and other providers of consumer credit, AccountChek automates the verification of a borrower’s deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. The solution delivers VODA reports in minutes through a secure web and mobile portal, eliminating the need for borrowers to submit endless paper copies of bank statements while reducing loan file errors and potential fraud. AccountChek also gives lenders a safe and simple means of complying with new ability-to-pay rules created by the Consumer Financial Protection Bureau and at the same time helps lower origination costs with its digital efficiency.
For more information about AccountChek, visit www.AccountChek.com
FormFree Holdings Corporation is a privately-held technology provider that specializes in helping financial institutions determine the ability of their customers to pay back loans. FormFree has partnered with Equifax and other industry-leading credit and financial service providers to collect, certify and analyze data and help customers make better lending decisions. Their flagship product is AccountChek, an automated verification of deposits and assets solution. AccountChek has been the recipient of the 2013 Mortgage Technology “Fix-It Award” and named “Unique Solution” winner in HousingWire’s 2014 HW TECH100. The company was founded in 2008 and is based in Athens, Georgia. For more information, visit www.FormFree.com.