Press
AccountChek gains investor acceptance
GSE announcement that it will accept verification of assets from third party verification vendors paves way for far greater adoption of automated VOA/VOD system
ATLANTA, GA (October 13, 2014) — FormFree Holdings Corporation, the leading provider of automated deposit and asset verifications, announced today that recent GSE guideline changes allowing third party verification of assets and deposits will allow AccountChek to gain significant market acceptance as the first and only patented verification of assets and deposits (VODA) solution in the marketplace.
“We are thrilled that the market has responded so positively to our VODA solution,” said Brent Chandler, CEO of FormFree. “Automated asset verifications are a vast improvement from the time-consuming, paper-based process of verifying a borrower’s bank statements, plus it is the single most effective means of eliminating asset fraud in the origination process. These recent changes further cement our position as the market leader in providing automated verification solutions.”
The September 30th update to the Fannie Mae Single Family Selling Guide added language that stated verification of assets (VOA) from third party vendors would now be accepted. Among other requirements, the verification must include information consistent with the information that would be provided on a standard VOA form or bank statement. AccountChek, the mortgage industry’s only patented-protected, automated VOA solution, includes this information in its proprietary reports. The new guideline was followed by similar changes from other mortgage investors such as PennyMac.
“As a result of these guideline changes, lenders can feel more confident than ever using AccountChek,” Chandler added. “When combined with our recent Ellie Mae Encompass and MeridianLink integrations, our reseller relationships with Veri-Tax and UPF Services, and our partnerships with a growing number of mortgage lenders, we are having an ever-increasing role in the digital age of lending.”
An award-winning technology, AccountChek replaces the need for borrowers to submit paper bank statements that show they have the financial resources to qualify for a mortgage.
Winner of the 2013 Mortgage Technology Fix-It Award, AccountChek collects data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings for both borrowers and lenders. 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. Earlier this year, the underlying technology behind AccountChek was awarded a U.S. patent for its propriety process of electronic certification of a borrower’s bank account data. For more information about AccountChek, visit www.AccountChek.com.
About FormFree
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.