FormFree Holdings Corp. reports that it has been issued a patent for its AccountChek automated asset verification system, which allows lenders and consumers to instantly authorize and share critical borrower information essential for closing loans on any device.
The patent means FormFree's proprietary process for electronic certification of financial account data is now protected under U.S. patent laws. The solution helps lenders of all sizes eliminate fraud while removing the need for borrowers to supply paper bank statements to receive a mortgage or other type of loan, FormFree says in a press release.
‘The lending industry has shifted dramatically since the 2008 financial crisis,’ says Brent Chandler, CEO of FormFree. ‘In the last six months alone, we have witnessed some of the most significant new regulations the financial services industry has ever seen. As a result, the move towards digital lending is unstoppable.
‘AccountChek helps lenders meet new federal regulations that require them to use stronger borrower verification processes in the hopes of avoiding another crisis,’ Chandler adds. ‘The patent further validates and protects AccountChek as we approach widespread adoption and industry acceptance.’