Partnership Enables FormFree to Enhance Mortgage Solution and Expand Into New Markets
October 15, 2015 – Atlanta, GA – FormFree Holdings Corporation, the leading 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.
The winner of the 2013 Mortgage Technology Fix-It Award and the 2014 HousingWire TECH100 “Unique Solution” award, FormFree’s AccountChek™ is the only 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 over 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,” he said. “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 leading 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,” Chandler added.
FormFree plans to enter into the installment lending space later this month, Chandler said, with additional markets to follow.
FormFree company officials will be attending and demonstrating FormFree’s technology at the MBA’s Annual Convention & Expo 2015 October 18 – 21 at the San Diego Convention Center. Contact FormFree at sales@FormFree.com to schedule a meeting.
Leading lenders trust FormFree Holdings Corporation to deliver automated verification solutions that increase loan closing speed and drive more insight from a borrower’s financial information. FormFree was named one of American Banker’s Top 10 Tech Companies to watch in 2015. Its flagship product, AccountChek™, is the only 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 the only patented third-party asset verification acceptable to the GSEs and leading investors. More than 200 leading lenders offer AccountChek to their millions of customers in the United States. FormFree is headquartered in Atlanta, Georgia. For more information, visit www.FormFree.com.
About Financial Apps
Financial Apps is a provider of enabling Fintech technology that is offered through its Financial Apps Platform. The Financial Apps Platform & Relevancy Engine uses advanced analytics at a granular transaction level to minimize risk and make “Big Data” actionable for end users. Financial Apps offers an API-led approach to its platform enabling rapid scale development and deployment of consumer- and business-focused financial applications. Founded in 2013, the company is a leader in the FinTech space and is located in Fort Lauderdale, Florida. For more information, visit www.FinancialApps.com.