Press

Integration brings award-winning and patented automated verification of deposit and asset (VODA) solution to greater numbers of lenders, saving time and money while reducing fraud
 
ATLANTA, GA and COSTA MESA, CA (September 30, 2014) — FormFree Holdings Corporation, the leading provider of automated deposit and asset verifications, announced its AccountChek solution has been integrated with MeridianLink, a leading  application service provider for the financial services industry and a provider of web-based systems for credit reports, online consumer lending and new deposit accounts. As a result of the integration, lenders that use MeridianLink’s services will be able to order, analyze and certify a borrower’s bank assets in just minutes while eliminating falsified bank statements, one of the primary causes of mortgage fraud.

MeridianLink services are available through all major loan origination systems (LOS), which are used daily to create mortgages that are sold to consumers. As a result, more lenders than ever will have access to AccountChek, the patented and award-winning technology that replaces the need for borrowers to submit paper bank statements to show they have the financial resources to qualify for a mortgage.

“The ability to verify a borrower’s assets quickly and electronically is the future of mortgage lending,” said Douglas M. Glagola, vice president of business development for MeridianLink. “When it comes to paperless bank verifications, we’re thrilled to provide our clients with access to the industry’s leading solution in AccountChek.”

“MeridianLink is one of the financial services industry’s most widely respected developers, renowned for its expertise and support,” said Brent Chandler, founder and CEO of FormFree. “By integrating our patented AccountChek solution with MeridianLink, we’re delighted to bring paperless asset verifications to more lenders while making the lending experience that much easier for today’s borrowers.”

AccountChek is available under the “Employment/ID/Verifications” section of MortgageCreditLink™, MeridianLink’s web-based credit reporting system that allows lenders to access a merged credit report using data from the three major credit bureaus within 10 seconds. AccountChek is also being sold alongside other MeridianLink services.

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.
 
About MeridianLink
MeridianLink, Inc., developer of the industry’s first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for 20,000+ financial service organizations. The company’s passion for excellence is reflected in their web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, California, MeridianLink is committed to creating “Smart Solutions” that deliver “Real Value.” For more information, visit www.meridianlink.com.

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