FormFree Holdings Corporation has announced that New Penn Financial will join the ranks of over 200 other lenders by using FormFree’s AccountChek automated asset verification solution to verify the financial statements of its mortgage applicants. AccountChek is accepted by the government-sponsored enterprises (GSEs), replaces the need for borrowers to submit paper bank statements that show they have the financial resources to qualify for a mortgage. Named one of American Banker’s “Top 10 Tech Companies to Watch in 2015” and winner of the 2013 Mortgage Technology Fix-It Award, AccountChek is used by thousands of mortgage loan officers, underwriters and processors to collect data directly from virtually any financial institution and generate reports in just minutes, creating enormous time savings for both borrowers and lenders.
“We are anxious to use FormFree’s AccountChek solution,” said Jerry Schiano, president and chief executive officer of New Penn. “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.”
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.
“We are thrilled that New Penn Financial has agreed to use AccountChek to verify their applicants’ assets with our patented solution. Jerry is a forward thinker who is raising the bar and leading the way in the digital evolution of lending,” said Brent Chandler, CEO of FormFree. The underlying technology behind AccountChek was awarded a U.S. patent in 2014 for its proprietary process of electronic certification of a borrower’s bank account data.