As seen in the Wall Street Journal Press Release,
FORMFREE, Equifax Partner to Streamline Borrower Asset Checks.
In a big step forward towards a world free from the burden and liability of paper bank statement verifications, FORMFREE has partnered with Equifax Workforce Solutions. Equifax will now offer ACCOUNTCHEK, the mortgage industry’s leading automated verification of deposit and asset (VODA) solution.
A Digital Alternative for a Better Experience
“By partnering with FORMFREE, we will be able to empower our verifier clients with immediate access to digital account statements when authorized by the applicant, thus helping them close loans more quickly and provide a better overall consumer experience,” said Michael Kuentz, senior vice president for Equifax Verification Services.
Right Product, Right Partner, Right Time
“Not only does our new business partnership give us exposure to a large number of lenders, it will also speed adoption of paperless asset and deposit verifications at a time when the industry needs them most,” remarked FORMFREE Founder and CEO Brent Chandler.
In Time for “Ability to Repay” Requirements
ACCOUNTCHEK helps lenders comply with new Consumer Financial Protection Bureau regulations set to go into effect in January 2014, which require lenders to verify a borrower’s ability to repay on all residential mortgages.
The solution also satisfies Fannie Mae’s Form 1006 Verification of Deposit (VOD) requirements by delivering complete VOD reports in seconds. ACCOUNTCHEK reports are available in multiple digital formats, including PDF, for lenders to store in their digital vaulting systems.
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