Fraud expert and tech entrepreneur brings his extensive verification expertise leading automated asset verification provider
January 4, 2016 – Atlanta, GA – FormFree Holdings Corporation, the leading provider of automated asset verifications for banks and mortgage lenders, announced that Jay Meadows, a pioneer in borrower verifications for the mortgage industry, has joined the company’s board of directors.
An eminent fraud expert, Meadows is responsible for several key innovations that are in widespread use by mortgage lenders today. As founder of Rapid Reporting Verification Company, a provider of borrower income verifications for lenders that was later acquired by Equifax, Meadows worked with the IRS to reduce the lengthy process of retrieving borrowers’ tax transcripts from two weeks to just 24 hours. Rapid Reporting was also the first company to authenticate the identities of mortgage borrowers against the Social Security Administration’s (SSA) database, eliminating another avenue for potential fraud. A frequent speaker at industry meetings and fraud conferences, Meadows has been named to Mortgage Banking magazine’s list of IT All-Stars in recognition of his contributions to the industry.
“Given his many industry accomplishments and expertise in our particular market, Jay is a perfect fit to serve on our board,” said Brent Chandler, founder and CEO of FormFree. “Jay is not only a proven innovator in the area of borrower verifications, he knows what it takes to build industry adoption of technology. His experience and guidance will be invaluable to our future success.”
FormFree’s flagship technology, AccountChek, is the first and only patented automated verification of assets and deposits (VODA) solution for mortgage lenders that is accepted by government-sponsored enterprises (GSEs). Winner of the 2013 Mortgage Technology Fix-It Award and used by more than 200 mortgage lenders, AccountChek collects data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings in the mortgage origination process while eliminating the need for borrowers to submit paper bank statements.
“Very few technology companies have the potential to change an entire industry. FormFree is one of them,” said Meadows. “When coupled with other proven products, AccountChek is a much broader tool than income verification because of the extraordinary wealth of asset and income data that it collects, analyzes and delivers. Most importantly, it virtually eliminates the potential for fraud in the borrower approval process. I’m a big believer in FormFree’s mission to make lending a faster, safer and more confident experience for everybody.”
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 and winner of the 2013 Mortgage Technology Fix-It Award. Its flagship product, AccountChek™, is the only patented solution delivering automated asset verification data and reports acceptable to the GSEs and leading investors. 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. More than 200 leading lenders offer AccountChek to their millions of customers in the United States. Since its launch three years ago, more than $25 billion in loans have had assets verified by AccountChek. FormFree is headquartered in Atlanta, Georgia. For more information, visit www.FormFree.com.