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FormFree issued U.S. patent for innovative verification technology
ATLANTA, GA (July 16, 2014) — The U.S. Patent & Trademark Office (PTO) issued Atlanta, GA-based FormFree Holdings Corporation U.S. patent #8,762,243 for AccountChek™, the world’s first automated asset verification system for the lending industry. By using FormFree’s patented AccountChek system, lenders and consumers can instantly authorize and share critical borrower information essential for closing loans on any device.
This patent formally acknowledges FormFree’s proprietary process for electronic certification of financial account data and protects the revolutionary technology used in AccountChek. FormFree’s flagship asset verification solution helps lenders of all sizes eliminate fraud while removing the need for borrowers to supply paper bank statements to receive a mortgage or other type of loan.
In collaboration with leading lenders and government sponsored enterprises such as Fannie Mae and Freddie Mac, 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 avoiding paper bank statements and using only the highest industry security standards, AccountChek helps lenders eliminate fraud, significantly reduces buyback costs, and makes it easy for lenders to comply with new “ability-to-pay” rules.
Brent Chandler, CEO of FormFree, stated, “The lending industry has shifted dramatically since the 2008 financial crisis. In the last six months alone, we have witnessed some of the most significant new regulations the financial services industry has ever seen. As a result, the move towards digital lending is unstoppable. AccountChek helps lenders meet new federal regulations that require them to use stronger borrower verification processes in the hopes of avoiding another crisis. The patent further validates and protects AccountChek as we approach widespread adoption and industry acceptance. By leveraging our strategic partnerships with some of the financial services industry’s leading institutions and government sponsored enterprises (GSEs), FormFree is poised to lead the digital age of lending.”
Recently, FormFree was the recipient of Mortgage Technology magazine’s “Fix-It” Award, and was a category winner in HousingWire magazine’s 2014 HW TECH100 list of the most innovative technology companies in the housing industry. FormFree was also named a top innovation by the PROGRESS in Lending Association for transforming the method of verifying a borrower’s assets into a paperless process.
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. Their flagship product is AccountChek, an automated, paperless verification of deposits and assets solution. The company was founded in 2008 and is based in Atlanta, Georgia. For more information, visit www.FormFree.com.
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