FormFree Holdings, a mortgage technology vendor in Atlanta, received a U.S. patent for its automated asset verification system, AccountChek.
AccountChek lets lenders and consumers authorize and share critical borrower information that is needed to close a loan. The patent acknowledges the company's proprietary process to electronically analyze data and flag potential risks to help customers make better lending decisions.
The system can generate reports in less than three minutes, which is beneficial for both the borrower and lender.
FormFree says its asset verification system reduces fraud for a lender, eases buyback costs, and helps lenders comply with the new ability-to-repay rules.
Furthermore, the technology spares borrowers from having to supply paper bank statements to receive a mortgage or any other type of loan, the company said.
"The move towards digital lending is unstoppable," said Brent Chandler, chief executive officer of FormFree, in a press release. "AccountChek helps lenders meet new federal regulations that require them to use stronger borrower verification processes in the hopes of avoiding another crisis."
FormFree was the recipient of Mortgage Technology magazine's 2013 Fix-It Award.