ATLANTA, GA (March 27, 2015) — FormFree Holdings Corporation, the leading provider of automated deposit and asset verifications, is excited to announce that Wells Fargo, the largest mortgage lender in the U.S., has announced acceptance of FormFree’s AccountChek Asset Report for ALL product types for correspondent delivery according to the Jan. 26Th Wells Fargo “Newsflash” bulletin.
The first and only patented verification of deposits and assets (VODA) solution in the marketplace, AccountChek collects data directly from virtually any financial institution and provides lenders and investors with ATR/QM compliant electronic verifications in an easy to use format that is generated within minutes. Designed to be used in tandem with credit reports, the AccountChek Asset Report includes a borrower’s running balances, deposits and withdrawals, non-sufficient funds and large deposit notifications and many other details, giving lenders and investors a clearer picture of a borrower’s finances and simplifying the underwriting decision process.
With greater accountability around ATR and QM, lenders and GSE’s are focused on fraud mitigation and regulatory compliance (by accessing direct source data). AccountChek streamlines the current method of paper-based asset verification. AccountChek increases efficiency, reduces buyback exposure and improves borrower satisfaction with the lending process.
FormFree company officials will be attending and setting up meetings at MBA’s National Technology in Mortgage Banking Conference & Expo 2015 on March 29th – April 1st.