FORMFREE and Equifax Workforce Solutions have formed a strategic referral partnership through which Equifax will offer the ACCOUNTCHEK service, the mortgage industry’s leading automated verification of deposit and asset (VODA) solution. Used by mortgage lenders and other providers of consumer credit, ACCOUNTCHEK automates the verification of a borrower’s deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. ACCOUNTCHEK delivers VODA reports in minutes through a secure web and mobile portal, eliminating the need for borrowers to submit endless paper copies of bank statements while reducing loan file errors and potential fraud.
Equifax offers asset verifications to its customers through manual processes, but will be adding ACCOUNTCHEK as a digital alternative. The ACCOUNTCHEK service is completely paperless and connects lenders directly to virtually any financial institution where a borrower holds an account.
“By partnering with FORMFREE, we will be able to empower our verifier clients with immediate access to digital account statements when authorized by the applicant, thus helping them close loans more quickly and provide a better overall consumer experience," said Michael Kuentz, senior vice president for Equifax Verification Services. "In today’s lending environment, where reducing fraud, using verified data, and ensuring borrower authenticity are paramount, ACCOUNTCHEK is a great solution to add to our offerings.”
Shortly after its initial beta release in 2009, ACCOUNTCHEK entered into a joint venture and hosting agreement with Equifax. During this time, the ACCOUNTCHEK service received positive reactions and steady adoption from leading mortgage, credit and payroll companies as well as GSE support for its digital automated verification. Today, ACCOUNTCHEK is owned and managed by FORMFREE Holdings Corporation and serves referred Equifax customers directly.
"We were fortunate early on to have a relationship with a true giant in financial services technology," said FORMFREE Founder and CEO Brent Chandler. "Not only does our new business partnership give us exposure to a large number of lenders, it will also speed adoption of paperless asset and deposit verifications at a time when the industry needs them most.”