FormFree announced AccountChek, its financial data verification service, has been integrated into OpenClose’s Consumer Assist Enterprise point-of-sale, and LenderAssist loan origination service.
The partnership will give borrowers the ability to electronically permission verification data such as financial account and payroll information easily when applying for a mortgage loan. This allows lenders to verify asset, income, employment and rental history in a combined, underwriter-friendly report, the companies stated in a release.
“OpenClose’s rapid market expansion made partnering with them a must,” FormFree founder and CEO Brent Chandler said in a release. “Our goal is to make the process and user experience benefits of direct-source borrower-permissioned data verification available to every lender and broker originating mortgage loans.”
AccountChek’s verification of asset (VOA) reports are eligible for representations and warranty relief when assets are validated through Fannie Mae’s Desktop Underwriter (DU) validation service and Freddie Mac’s Asset and Income Modeler, the company stated. These reports also can be used to leverage DU’s “positive rent payment history” feature designed to extend sustainable homeownership opportunities to renters with little or no credit history without disrupting lender workflows.
“We are proud to offer our lender customers a more unified borrower experience and improved operational efficiency through AccountChek’s integration with our full suite of origination solutions,” OpenClose CEO and Chief Technical Officer Jason Regalbuto said. “Our partnership with FormFree eliminates a bottleneck in the origination process for many lenders, freeing them to enjoy the immediate ROI of faster turn times, greater repurchase certainty and happier customers.”