What is AccountChek?

AccountChek is an independent third party service used by lenders to collect, in digital form, borrowers’ financial account data. Submitting borrowers’ financial data to lenders through the online AccountChek service is significantly more secure than the emailing, faxing, or mailing copies of these sensitive financial documents. The service is easy to use, reports are available within seconds, and it’s accessible around the clock. Because the data is never touched by human hands, the risk of transposition and other errors is eliminated, as is the risk that the documents submitted to a lender were altered, forged or fabricated. This helps decrease the time it takes to process and close the loan, which helps to reduce the costs to lenders – and that helps make loans more available and affordable.

 

What is “Refresh Period”?

The refresh period determines how long the order will stay in an “open” state. This period, currently 30, 60 and 90 days, is selected at time of the order and, once chosen, cannot be modified. The refresh period begins to run as soon as the borrower successfully authorizes AccountChek’s access and will close automatically at the end of the refresh period unless closed manually by the lender in the verifier portal.

During the refresh period, the verifier may:

  • Request an updated asset report. This does not require additional borrower involvement or permission.
  • Add additional accounts or banks to the order. To add to the order, the borrower must log in to AccountChek and select “Add Another Account.”

IMPORTANT NOTE: The range of data obtained by AccountChek may vary from the requested period because AccountChek can retrieve only the range of data made available by the financial institution at the time the order is executed.

 

What does an Alert status mean?

An Alert status indicates that there was an issue with connecting to the borrower’s financial institution(s). Things that can cause an Alert include:

  • The borrower’s credentials were not accepted by the financial institution (FI). This can happen if the borrower selected the correct FI but entered the wrong credentials. It can also happen if the borrower selected the wrong FI. In either case, the borrower is informed of the steps he/she needs to take to correct the problem.
  • The connection to the financial institution is under repair. Most connection issues are cleared within 24 hours, so the borrower should be able to proceed at a later time. If a subsequent attempt results in another Alert, the borrower should contact customer support for further assistance.

 

Why is the 60 Day Average balance showing N/A?

There are two reasons for the failure of the system to calculate a 60-day average balance.

  1. In order for AccountChek to calculate a 60-day average balance, the system has to have at least 60 days of transaction history. If the lender orders a 30 day Days of History option, the 60-day average balance cannot be calculated.
  1. On some occasions a financial institution may return less than 60 days’ worth of transaction history. This can indicate that the account was newly opened, or that the bank’s systems do not have the historical data available. In either case, the 60-day average cannot be calculated.

 

What does a Pending status mean?

A Pending status means that the borrower has started the AccountChek authorization process, but has not completed all of the required steps. Once they have authorized access to their accounts, they need to click the Finish button in order to allow the system to generate the report.

 

How do I know if a bank is on the AccountChek system?

Select the FI Search button next to the List Orders button. Type in the name (or part of the name) of the financial institution you are looking for. The system will return a list of supported institutions that match your search term.

If the bank is listed there, then it is supported. Banks may have different login sites depending on the kind of account the borrower has. Please make sure that the site for your borrower’s accounts is listed.

 

How can I request additional accounts for verification?

As long as the order is not in a Closed status, the borrower can log back into AccountChek and add another financial institution. If they have deleted their invitation email, you can send them another simply by clicking Resend on their order line.

 

If I use AccountChek do I still need to submit paper statements?

No. The Verification of Asset Report is accepted by the GSEs and other investors as a substitute for the 1006. Please check with your investor(s) to determine whether they will accept the AccountChek VOA in place of paper statements.

 

Where is my Verification of Deposit?

The Verification of Deposit report is for depository institutions only. An investment institution (ex. Fidelity, TD Ameritrade, etc.) is not a depository institution and therefore no VOD will be created. The Verification of Asset Report contains the information for these accounts and is accepted by the GSEs as a substitute for the 1006.