UPF and FORMFREE Launch Borrower Asset Analysis Program

Through a reseller agreement, UPF Services and FORMFREE have launched VODChek, a new technology solution that enables clients of UPF Services verify a borrower’s assets by retrieving instant, automated electronic bank statements from over 15,000 financial institutions. Powered by FORMFREE’s ACCOUNTCHEK, the mortgage industry’s leading automated verification of deposit and asset (VODA) solution, VODChek will provide up to three months of borrower transaction details and access to flexible reporting tools through a secure, web-based platform. VODChek is now available to more than 300 financial institutions and lenders who utilize UPF Services. “Other types of borrower verifications, like employment, 4506-T tax transcript requests for income, and Social Security checks for identify can all be done digitally. But until ACCOUNTCHEK, verification of deposits and the gathering of bank statements to confirm assets were still done manually in loan processing,” said UPF CEO Mark Hikel. “The benefit of VODChek to our customers is huge. For the first time, lenders can verify all of a borrower’s assets in minutes. We believe this type of automation is the future of the mortgage industry.” VODChek eliminates the potential for borrower fraud and reduces loan file errors by gathering certified digital data about a borrower’s assets direct from the borrower’s bank. Because of the time it typically takes for borrowers to submit paper copies of bank statements and for lenders to review them, VODChek can also speed up the loan closings by several days or more. Each order includes a detailed analysis of a borrower’s financial standing and applies S.M.A.R.T. analytics to flag suspicious transactions. This type of analysis could take hours for an underwriter to conduct. Instead, VODChek enables more loans to be processed with greater accuracy and in a shorter amount of time. UPF Services will still offer a paper-based, manual verification of deposit (VOD) process as an alternative to the automated solution. However, company officials expect to see use of VODChek skyrocket as the Consumer Financial Protection Bureau’s Qualified Mortgage (QM) rules go into effect in January of 2014, as ACCOUNTCHEK reports offer proof that a borrower has met the CFPB’s upcoming ability to repay requirements. In addition, ACCOUNTCHEK also satisfies Fannie Mae’s Form 1006 Verification of Deposit (VOD) conditions. “Both FORMFREE and UPF Services are focused on creating innovative and cost-effective services that enhance the lending experience,” said FORMFREE Founder & CEO Brent Chandler. “The creation of VODChek is a perfect example of two like-minded companies doing what’s best for everybody—the borrower, the lender and the industry as a whole. We’re very excited about our relationship with UPF Services.”