Denver, Colorado-based PromonTech, the technology unit of Promontory MortgagePath, has announced the integration of its point-of-sale (POS) solution, Borrower Wallet, with FormFree’s automated asset verification service, AccountChek.
PromonTech has said that AccountChek was the first asset evaluation solution to be accepted by Fannie Mae’s Day 1 Certainty program and as a result of this integration, its Borrower Wallet clients could now take advantage of Day 1 Certainty, as well as streamlined asset verification and accelerated credit decisioning.
Borrower Wallet is a white-label, Omni-platform POS that engages with customers using any computer or mobile device, on either a self-serve or loan-officer assisted basis. It is designed to build confidence and make it easy for the borrower to enter information, approve automated data collection, upload/esend documents, sign disclosures, use the closing center, and stay informed from origination through loan closing. According to PromonTech, Borrower Wallet promotes both applicant self-service and values the role the loan officer plays as a trusted advisor.
“FormFree was designed to streamline the loan origination process and reduce risk by providing better insight into borrowers’ ability to repay,” said Brent Chandler, Founder, and CEO of FormFree. “Our integration with Borrower Wallet enables PromonTech to instantly complete three verifications—asset, income, and employment—in one action that is simple for applicants and more efficient for lenders.”
FormFree's AccountChek solution's Asset Reports are used by lenders nationwide to verify borrower assets, employment, and income in minutes. The fintech company based in Athens, Georgia also offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey.
“PromonTech is committed to providing a trusted solution that educates applicants and improves process transparency while also reducing time, cost and risk for lenders,” said Michael Kolbrener, CTO of PromonTech. “Our integration with FormFree furthers both of these goals: it streamlines the borrower experience and delivers accurate asset information, directly from financial institutions.”
As a fintech-hybrid—a technology company, led by seasoned banking and mortgage executives—PromonTech's digital solutions are designed by technologists and mortgage experts, working collaboratively to eliminate pain points and enhance the customer experience.