FormFree has announced that it will directly integrate its AccountChek automated asset verification service with the LoanSphere Empower loan origination system (LOS) offered by Black Knight Financial Services, a provider of integrated technology, data and analytics to the mortgage and real estate industries.
LoanSphere Empower enables lenders to originate both first mortgages and home equity loans and lines of credit on a single system, improving data integrity and security, significantly reducing errors and eliminating the need for duplicate entry associated with managing multiple systems. The integration with AccountChek will provide LoanSphere Empower users the ability to verify and share asset and deposit information with their lenders in seconds without uploading bank statements.
“One of the many ways LoanSphere Empower helps lenders remain competitive is through seamless integrations with industry leading capabilities like AccountChek,” Black Knight Origination Technologies and Enterprise Business Intelligence President Jerry Halbrook said in a press release. “Automated asset verification through AccountChek can reduce the loan approval process by days.”
AccountChek was the first asset verification provider approved for participation in Fannie Mae’s Day 1 Certainty initiative, which gives lenders that use the Desktop Underwriter (DU) Validation Service reps and warrants relief for validated components of a loan. The AccountChek integration with LoanSphere Empower will enable users to benefit from the reps and warrants relief available with this program.
AccountChek streamlines the loan underwriting process for both borrowers and lenders, resulting in quicker decisions and higher borrower satisfaction. The mobile-optimized asset verification app securely connects with virtually any financial institution to consolidate, analyze and verify assets and deposits, delivering a safe and hassle-free experience for borrowers and greater purchase certainty for lenders.
“Black Knight shares our belief that a better borrower experience can co-exist with a more efficient, accurate and profitable lending workflow,” FormFree Founder and President Brent Chandler said in the release. Chandler addressed attendees of Black Knight’s 2017 Information Exchange in Orlando on April 24. “With AccountChek, LoanSphere Empower users relieve their customers of the burden of manual document submission while benefitting from the speed and accuracy of systematized asset review and analysis.”