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Automated verification provider FormFree, Athens, Ga., partnered with LoanBeam, a provider of automated income extraction and calculation services, to collect digital borrower financial data directly from the source and calculate qualified income.
AccountChek by FormFree is an automated asset verification service that enables borrowers to demonstrate their ability to repay loans by sharing financial data directly with lenders instead of mailing, faxing or emailing traditional asset account statements. LoanBeam will use AccountChek source data to provide qualified income calculations lenders need to underwrite and sell mortgages to Fannie Mae, Freddie Mac and third-party investors. The partnership will enable lenders to collect digital asset, income and employment data from borrowers in a three-minute session for significant cost savings and reduction in turn times 9-20 days on average.