AccountChek™ from FormFree enables Encompass users the ability to order, analyze, and certify a borrower’s electronic bank statement data. It provides Lenders, Loan Officers and Borrowers with the market’s first fully automated, direct source Verification of Assets (VOA) report, enabling asset verification in minutes instead of days.
Each report uses a patented proprietary analytics engine to identify direct deposits, employer, and flag potential risk, making lending decisions easier and providing quality assurance and proof of ATR compliance.
AccountChek™ Verification of Deposits & Assets can be found in Encompass under the Order Verification services tab, and by completing a few simple steps a summary report can be quickly generated and delivered directly to the Encompass file folder.
AccountChek™ helps lenders eliminate fraud by digitally collecting data from financial institutions, significantly reducing buyback exposure, while also providing an easy solution for complying with new “ability-to-pay” rules.
Read more at: http://newsflash.elliemae.com/june_2015
