Skip to main content

New Penn Signs Up With FormFree Holdings' Asset Verification Services

Oct 08, 2015
New Penn Logo

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.

About the author
Published
Oct 08, 2015
More from
Tech
Angel AI Launches Free Credit Repair

Angel Ai declared June 24 as Your Financial Independence Day in a press release

Jun 24, 2024
Figure Launches TBA Market For Non-Agency Loans

Currently handling only HELOCs, Figure Connect has new products coming soon, says Chief Capital Officer.

Jun 12, 2024
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Empowering Mortgage Professionals With An AI Homebuying Marketplace

Faster time to close on transactions

Jun 18, 2024