ATLANTA, Ga., Oct. 25, 2016 (SEND2PRESS NEWSWIRE) — FormFree Holdings Corp. (FormFree), a provider of automated verification software, today announced that it will use fraud prevention tools created by technology, data and analytics firm LexisNexis® Risk Solutions for asset and identity verification.
FormFree’s flagship automated asset verification app AccountChek™ eliminates the hassle of collecting paper statements from borrowers by leveraging direct-source data to analyze and certify a borrower’s financial data in minutes via a secure, web-based platform. LexisNexis® TrueID® helps organizations instantly authenticate identity documents, fight fraud and improve the customer experience. When combined, the two services will provide lenders a potent solution for verifying assets while mitigating identity fraud.
“Digital mortgages are a critical evolution for the real estate industry,” said Tim Coyle, senior director, real estate and mortgage, LexisNexis Risk Solutions. “As the evolution occurs, some traditional processes are being automated to shorten the mortgage processing timeline and improve the customer experience. If not implemented prudently, new opportunities to commit fraud are also introduced. The smart way to advance the digital mortgage environment is to build more fraud controls while at the same time speeding the process.”
“Every other aspect of the loan is moot if you cannot prove the authenticity of the borrower’s identity and their ability to repay,” said Brent Chandler, CEO and founder of FormFree. “By automating asset and identity verification, lenders can rest assured that these foundational elements have been certified beyond a reasonable doubt.”
“Electronic document authentication, like TrueID, creates balance between increased transaction security and reduced customer friction,” said Kimberly Sutherland, senior director, fraud management, LexisNexis Risk Solutions. “The identification document and the data found on the document allow for a much stronger identity authentication process.”
Leading lenders trust Athens, Georgia-based FormFree to deliver automated verification solutions that streamline the loan origination process and provide better intelligence on borrowers’ ability to repay. FormFree’s flagship app, AccountChek™, eliminates the hassle of collecting paper statements from borrowers by using direct-access data untouched by human hands to consolidate, analyze and verify assets. Lender tested and GSE approved, AccountChek securely delivers automated asset verification data and on-demand reports to more than 300 leading U.S. lenders and their millions of customers. FormFree was named one of American Banker magazine’s “Top 10 Tech Companies to Watch” in 2015.
For more information, visit http://www.formfree.com or http://www.accountchek.com/.
About LexisNexis® Risk Solutions:
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk Solutions is part of RELX Group plc, a world-leading provider of information and analytics for professional and business customers across industries.
News Source: FormFree