FOR IMMEDIATE RELEASE
Out of more than 400 nominations, developers of AccountChek paperless verification of deposit and asset (VODA) solution among six most innovative technology companies in the housing industry.
Athens, GA – February 28, 2014 – FormFree, a provider of technologies that help financial institutions determine the ability of their customers to pay back loans, has been named to HousingWire’s 2014 HW TECH100™ list of the housing economy’s 100 most innovative technology companies. In addition to making the list, FormFree won the HW TECH100 “Unique Solution” category for AccountChek, the first completely paperless verification of deposit and asset (VODA) technology that is used by lenders for demonstrating the ability of borrowers to pay back loans.
Sponsored by HousingWire magazine, the 2014 HW TECH100 list garnered more than 400 nominations across the entire housing industry, including real estate and mortgage sectors. FormFree was nominated for transforming the manual process of verifying a borrower’s assets into an automated one while dramatically reducing fraud, saving time and money, and completing the last mile of the truly paperless loan. Out of 400 nominations, only 100 companies made the HW TECH100 list, and of those, only six were honored for winning one of the six award categories. FormFree was one of those six.
Regarding FormFree’s technology, HousingWire wrote, “The days of manually verifying deposits and assets during the loan origination process are numbered, and lenders waiting five to 10 business days for verification of deposits are increasingly finding themselves in the minority. Most of the reason why is due to a company called FormFree.”
“Since the HW TECH100 spans the entire housing industry, we are tremendously honored and delighted to make the cut—and even more excited about winning the ‘Unique Solution’ category,” said FormFree Founder and CEO Brent Chandler. “When we developed AccountChek, we knew we had a solution that lenders and the industry as a whole desperately needed. I’m thankful to our growing fan base of customers and the entire FormFree team for helping us get to where we are today.”
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 that took effect earlier this year.
“With more than 400 firms under consideration this year, selecting 100 was incredibly difficult – and making the cut should be considered a distinct honor,” said HousingWire Executive Editor Jacob Gaffney. “What really stands out to me is this: for the firms included in the 2014 HW TECH100™, the average reported customer growth rate year-over-year was a whopping 359 percent. This tells me that innovation is really taking off when it comes to the future of the housing economy.”
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. The company was founded in 2008 and is based in Athens, Georgia. For more information, visit www.FormFree.com.
About the HW TECH100™
The HW TECH100™ looks to find the housing economy’s 100 most innovative technology companies. The annual program is the first to look at the entire housing economy, spanning residential real estate to residential mortgage lending, servicing and investments. Collectively, the housing economy represents roughly 1/3rd of the U.S. economy, and more than 600 technology firms and dot-coms offer solutions that serve this market. Learn more at http://tech100.housingwire.com.
HousingWire is the nation’s most influential news source covering the U.S. housing economy, spanning residential mortgage lending, servicing, investments and real estate operations. The company’s news, commentary, magazine content, industry directories, and events give more than one million industry professionals each year the insight they need to make better, more informed business decisions. Learn more at http://www.housingwire.com.