New Penn Financial Starts Using FormFree’s AccountChek Asset Verification Report
FormFree’s award-winning, patented verification of asset solution continues to gain rapid adoption from mortgage lenders
October 6, 2015 – Atlanta, GA – FormFree Holdings Corporation, the leading provider of automated asset verifications, is pleased to announce that New Penn Financial, a nationwide mortgage lender licensed to do business in 48 states, will join the ranks of over 200 other lenders, including one of the top 10, by using FormFree’s AccountChek automated asset verification solution to verify the financial statements of its mortgage applicants.
AccountChek, the first and only patented automated verification of deposits and assets (VODA) solution 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.
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 anxious to use FormFree’s AccountChek solution,” said Jerry Schiano, president and chief executive officer of New Penn Financial. “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.”
“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.
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 us 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 New Penn Financial
New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 48 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania, and operates offices nationwide. New Penn is a Shellpoint Partners company. More information is available at www.newpennfinancial.com.