FormFree announced that it has entered into a pilot with Fannie Mae that could allow mortgage lenders to validate borrower income, asset and employment data through a single report as early as 2018. FormFree Founder and CEO Brent Chandler stated, “Single Source Validation will have a transformational effect on driving down the cost and risk of making sound underwriting decisions while making it easier and safer than ever for borrowers to provide the sensitive data required to apply for a mortgage loan.”
VanDyk Mortgage is now offering FormFree’s AccountChek automated asset verification through both its loan officers and its borrower self-service mortgage portal. Earlier this year, Fannie Mae confirmed that lenders can expect significant time savings when they use AccountChek and Fannie’s Desktop Underwriter (DU) Validation Service, a finding corroborated by reports from lenders such as Guaranteed Rate.
FormFree announced it has entered a partnership with SimpleNexus. The integration of the two companies’ technologies will make FormFree’s AccountChek automated verification service for asset, employment and income a seamless part of the loan application experience for borrowers applying for a loan using SimpleNexus’ mobile technology. SimpleNexus provides private-label mobile apps that connect mortgage lenders with borrowers and real estate agents.
Read this commentary as it originally appeared in Rob Chrisman’s Daily Mortgage Industry News and Commentary.