FormFree Holdings Corporation, a provider of automated asset verifications for the mortgage industry, has formed a strategic partnership with Financial Apps, a data analytics technology provider, that will enable FormFree to enhance its product offerings in the mortgage space as well as expand its reach into other types of consumer loans. By integrating their technologies, FormFree and Financial Apps will be able to create more comprehensive financial reports on a wider variety of consumer loans and assets.
FormFree’s AccountChek is a patented solution delivering automated asset verification data and reports. The AccountChek solution consolidates, analyzes, and verifies assets directly from their source. It then applies thousands of proprietary algorithms to generate asset reports on demand. AccountChek is currently used by more than 200 leading lenders, and is the only patented, third-party asset verification acceptable to the GSEs and leading investors.
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. The underlying technology behind AccountChek was awarded a U.S. patent in 2014 for its process of electronic certification of a borrower’s bank account data.
“This partnership really creates additional opportunities for both companies,” said Bob Sullivan, president of Financial Apps. “We’re working with FormFree to introduce them to other consumer lending verticals, whether it be auto lending, installment loans, or leasing—anywhere lenders need to examine a customer’s bank statement, cash flow and propensity to repay. We believe that the combination of our two entities through this partnership creates a unique product opportunity in the marketplace. It's a situation where one plus one equals three.”
Sullivan, a mortgage industry veteran for more than two decades, helped lead Mortgage.com and ABN AMRO and is the former CEO of OpenClose, a loan origination system (LOS). Additionally he founded Powerwallet.com, a personal financial management (PFM) platform in the consumer fintech space.
“Bob has an impressive record in lending with deep domain experience, great relationships and tremendous credibility,” said Brent Chandler, founder and CEO of FormFree. “Financial Apps provides an infrastructure and relevancy engine that will quickly help us incorporate new data elements like income, employment, and identity data to our growing suite of products. With their rules-based relevancy engine, we can produce new and complex analytics on the fly, enabling us to enter new markets quickly. Our systems complement one another and together create a powerful combination to help take FormFree to the next level."
