[1]FormFree Holdings Corporation [2] announced 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 January 26 Wells Fargo “Newsflash” bulletin.
“We are delighted to receive official acceptance and be named in Wells Fargo’s recent Newsflash publication. AccountChek is leading the charge in third party asset verifications with our patented solution,” said Brent Chandler, CEO of FormFree.
This announcement is the latest in a series of investor approvals including Fannie Mae, Freddie Mac, Chase, PennyMac, and others.
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 is a leading provider of automated verification services for the lending industry. Its flagship product, AccountChek, is a patented and award-winning consolidation, analysis, and verification service that utilizes over 2,000 proprietary algorithms to generate asset and income reports on demand. AccountChek provides the only patented third-party asset verification acceptable to GSE’s and leading investors.