Partnership enables borrowers to authorize direct source data on assets, income, employment and rental history in one report
ATHENS, Georgia, November 1, 2021 (SEND2PRESS NEWSWIRE) – Free Form ® Founder and CEO Brent Chandler today announced the availability of his AccountChek® financial data verification service within OpenClose®, the leading fintech provider of mortgage software solutions for banks, credit unions and lenders mortgage. The integration integrates AccountChek into OpenClose’s ConsumerAssist ™ Enterprise POS and LenderAssist ™ LOS, giving borrowers the freedom to easily verify authorization verification data electronically when applying for a mortgage.
AccountChek streamlines the lending process by allowing borrowers to electronically authorize financial account and payroll data, allowing lenders to verify asset, income, employment and rental history in a combined report user-friendly. By integrating AccountChek with OpenClose’s lending solutions, lenders can delight borrowers with a modern, paperless lending experience while speeding up closing time, reducing loan production costs, and mitigating the risk of fraud.
FormFree AccountChek Asset Verification Reports (VOA) are eligible for representations and warranty waiver when assets are validated through Fannie Mae’s® Desktop Underwriter® (DU®) and Freddie Mac’s Asset and Income validation service Modeler (AIM). Additionally, FormFree’s VOA reports can be used to leverage DU’s ‘positive rent payment history’ feature – which is designed to extend sustainable homeownership opportunities to tenants with little or no rental income. credit history – without disrupting lender workflows.
“The rapid expansion of the OpenClose market has made partnering with them essential,” said FormFree Founder and CEO Brent Chandler. “Our goal is to make the benefits of the borrower-authorized direct source data verification process and user experience available to every lender and mortgage broker. “
“We are proud to offer our lender clients a more unified borrowing experience and improved operational efficiency through the integration of AccountChek with our full suite of origination solutions,” said Jason Regalbuto, CEO of OpenClose. “Our partnership with FormFree eliminates a bottleneck in the origination process for many lenders, allowing them to enjoy the immediate ROI of faster turnaround times, greater certainty of redemption and customers. more satisfied. “
FormFree® is a market-leading financial technology company whose revolutionary AccountChek® and Passport® products create a more inclusive credit decision landscape by enabling lenders to understand People’s True Payability (ATP®). Its vision is to leverage source data and data-driven intelligence to usher in a new era of transparent, fair and liquid credit markets. To date, thousands of US lenders and brokers have ordered millions of patented audit reports from FormFree, representing billions of dollars in loan audits.
FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination times, and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®. For more information visit https://www.formfree.com/ Where follow FormFree on LinkedIn.
Founded in 1999, OpenClose is the leading financial technology provider that developed the mortgage banking industry’s first SaaS-based loan automation software platform. Today, the company has grown into a comprehensive, award-winning loan origination software suite that reduces the cost of manufacturing loans by up to 40 percent, cuts processing and underwriting cycle times by up to 50 percent and requires minimal support to install and make sure.
OpenClose is the only vendor in the industry capable of delivering a true end-to-end, omnichannel, 100% browser-based, workflow-based platform that effectively consolidates digital POS, LOS, PPE and BI functions through a single supplier. , with easy access from any browser or mobile device. For more information visit https://www.openclose.com.
Twitter: @RealFormFree @ OpenClose — LOS #mortgageindustry #fintech #digitalmortgage
NEWS SOURCE: FormFree
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