Integration allows Encompass® users to verify an applicant’s bank records in just minutes through FormFree’s AccountChek™
Atlanta, GA – September 17, 2014 – FormFree Holdings Corporation, a leading provider of automated asset verifications, announced that its award-winning, patented solution, AccountChek™, is now available through Ellie Mae’s Encompass® mortgage management solution.
The integration between the two solutions enables Encompass users to order, analyze and certify a borrower’s electronic bank statement data. The result is the industry’s first digital “Asset Report” that enables lenders to quickly verify borrower’s assets and perform a number of rich analytics, which significantly reduce the time required to originate loans. In addition, the AccountChek solution virtually eliminates one of the major issues in lending – bank statement fraud.
“We’re pleased to partner with FormFree and offer our clients another efficient way to verify borrower bank statement data through the Ellie Mae Network in Encompass,” said Joe Tyrrell, senior vice president of corporate strategy for Ellie Mae.
“This partnership is a huge step forward for automated asset verifications, paperless loans, and the industry as a whole, since roughly one in five mortgage loans goes through Encompass,” said Brent Chandler, founder and CEO of FormFree. “Partnerships like this can have a real impact on moving the mortgage industry into the digital age and to leverage the leading technologies in the field.”
Ellie Mae is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Ellie Mae’s all-in-one Encompass solution provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.
Kevin Conlon, COO at Mason McDuffie Mortgage Corporation, stated “We are delighted to be using AccountChek, which provides a much needed technology solution to a previously outdated process. The AccountChek integration with Ellie Mae’s Encompass will allow us to ensure bank account authenticity and increase originations by automating the collection, verification and analysis of borrower accounts.”
AccountChek Verification of Deposits & Assets can be found in Encompass under the Order Verification services tab.
Winner of the 2013 Mortgage Technology Fix-It Award, AccountChek, FormFree’s flagship, patent-protected asset verification solution, helps lenders of all sizes eliminate fraud while removing the need for borrowers to supply paper bank statements to get a loan. AccountChek collects data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings for both the borrower and the lender. By eliminating the need for paper bank statements, AccountChek also helps significantly reduce buyback exposure and fraud, while also providing lenders with an easy solution for complying with new “ability-to-pay” rules.
In June, FormFree was awarded a U.S. patent for its propriety process for electronic certification of a borrower’s bank account data. For more information about AccountChek, visit www.AccountChek.com.
FormFree company officials will be attending and setting up meetings at the 2014 MBA Annual Convention & Expo in Las Vegas on October 19-22.
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 and reduce closing times by automating the financial verification process. 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. Its flagship product, AccountChek, is an automated, paperless verification of deposits and assets solution that has received an Innovation Award from the PROGRESS in Lending Association, Mortgage Technology magazine’s “Fix-It” Award, and was the category winner in HousingWire magazine’s 2014 HW TECH100 list of the most innovative technology companies in the housing industry. FormFree was founded in 2008 and is based in Atlanta, Georgia. For more information, visit www.FormFree.com.