FormFree Holdings Corp., a provider of automated asset verifications, says that nationwide mortgage lender New Penn Financial is now using FormFree’s AccountChek automated asset verification solution to verify its mortgage applicants’ financial statements.
AccountChek, which FormFree says is the first and only patented automated verification of deposits and assets solution accepted by the government-sponsored enterprises, eliminates the need for borrowers to submit paper bank statements in order to qualify for a mortgage.
The company says that AccountChek is used by thousands of mortgage loan officers, underwriters and processors to collect data directly from financial institutions and to generate reports within minutes.
AccountChek also helps reduce buyback exposure and fraud while giving lenders a simple way to comply with new ability-to-pay rules.
“We will now be able to verify our applicants’ bank statements digitally, rather than on paper, which will enable us to improve our customer service as well as get more accurate information faster,” says Jerry Schiano, president and CEO of New Penn Financial.