Paperless ACCOUNTCHEK verification of deposit and asset solution nominated in “Fix-It” Award category
Athens, Georgia – August 13, 2013 – FORMFREE Holdings Corporation, a provider of technologies that help financial institutions determine the ability of their customers to pay back loans, has been named a finalist in the “Fix-It” Award category for the 2013 Mortgage Technology Awards.
According to the magazine, the “Fix-It” Award recognizes technology that provides an effective solution to a specific industry problem, need or channel. FORMFREE Holdings’ technology, ACCOUNTCHEK, the mortgage industry’s leading automated verification of deposit and asset (VODA) solution for demonstrating the ability of borrowers to pay back loans, was nominated for the award. ACCOUNTCHEK was created to make the process of verifying a borrower’s assets a paperless one, thus preventing fraud, improving quality assurance and saving time in the mortgage process. Until ACCOUNTCHEK, lenders had no way to electronically verify all of a borrower’s assets, often resulting in mishandled or faked copies of paper bank statements.
“As a relatively new startup in the incredibly competitive mortgage technology space, we are thrilled to be named as a finalist for this prestigious award,” said FORMFREE Founder and CEO Brent Chandler. “To us, it validates our mission of helping lenders digitally verify an important part of a borrower’s ability to qualify for a loan – namely, the borrower’s asset profile – in a simple, fast and efficient manner.”
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. ACCOUNTCHEK 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, which are set to take effect in 2014 and will apply to all mortgage transactions.
The winners of the 2013 Mortgage Technology Awards will be announced in October during the Mortgage Bankers Association’s 99th Annual Convention and Expo in Washington, D.C. and featured in the October issue of Mortgage Technology magazine.
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. The company was founded in 2008 and is based in Athens, Georgia. For more information, visit www.FORMFREE.com.