FORMFREE, a Georgia-based provider of technologies that help financial institutions determine the ability of their customers to pay back loans, was named winner of the 2013 Mortgage Technology Fix-It Award at an Oct. 27 ceremony in Washington, D.C.
Sponsored by Mortgage Technology magazine, the Fix-It Award recognizes technology that provides an effective solution to a specific industry problem, need or channel. FORMFREE’s technology, ACCOUNTCHEK, an automated verification of deposit and asset (VODA) solution for demonstrating the ability of borrowers to pay back loans, was nominated for transforming the process of verifying a borrower’s assets into a paperless one, thus preventing fraud, improving quality assurance and saving time in the mortgage process.
“After the 2007 housing crisis, we launched ACCOUNTCHEK because we knew that determining the borrower’s ability to pay was a major industry challenge,” said Brent Chandler, founder and chief executive officer of FORMFREE. “It is a cause we strongly believe in. Being recognized for this commitment with one of our industry’s most prestigious awards is both an honor and a thrill. I’m grateful to the entire FORMFREE team and to our growing number of partners, customers and fans who helped make it happen.”
Used by mortgage lenders and other providers of consumer credit, ACCOUNTCHEK automates the verification of a borrower’s deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. ACCOUNTCHEK delivers VODA reports in minutes through a secure Web and mobile portal, eliminating the need for borrowers to submit paper copies of bank statements while also reducing loan file errors and potential fraud. ACCOUNTCHEK also gives lenders a safe and simple means of complying with new ability-to-pay rules created by the Consumer Financial Protection Bureau (CFPB), which are set to take effect in 2014 and will apply to all mortgage transactions.
The winners of the 2013 Mortgage Technology Awards were announced at a ceremony held at the Renaissance Ballroom in downtown Washington D.C., during the Mortgage Bankers Association’s 100th Annual Convention and Expo, and will be featured in an upcoming issue of Mortgage Technology magazine.