As seen in Yahoo Finance, Veri-Tax, LLC, the leading provider of verification services to the mortgage and credit industries, has formed a strategic partnership with FormFree. Veri-Tax will leverage FormFree’s AccountChek technology that offers instant, automated, and secure account verifications to financial institutions looking to determine a borrower’s ability to repay a loan.
The result is Veri-Tax’s new automated Verification of Accounts (VOA) solution. Veri-Tax’s VOA verifies a borrower’s assets and deposits by electronically retrieving account data from thousands of financial institutions, resulting in reduced turnaround times associated with typical paper-based verification processes.
The timing of this release will significantly help lenders comply with new Consumer Financial Protection Bureau’s ability-to-repay requirements set to take effect in January 2014.
The news has brought some buzz to Twitter:
— Veri-Tax (@VeritaxLLC) October 29, 2013
— California News Feed (@canewsfeed) October 30, 2013
Veri-Tax and Formfree are teaming up on a VOA (Verification of Assets) initiative. Helpful for QM rollout in January. #MBA100Annual
— National Mortgage News (@NatMortgageNews) October 28, 2013
— Editorial Team (@MortgageSpeak) October 28, 2013
Veri-Tax, FORMFREE Join Forces To Offer New Asset Verification … http://t.co/mNJSitv2Tm
— LoansHancho (@LoansHancho) October 29, 2013
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