Skip to main content

CIS Integrates Verification of Deposit/Asset Technology Into Its Credit Platform

NationalMortgageProfessional.com
Dec 12, 2014

CIS has announced the capability to instantly verify deposits and assets, through a patented process with AccountChek, is now integrated with the CIS credit platform. This enhancement is a solution to the labor-intensive and costly process of collecting, analyzing and verifying paper documents manually, which makes fraud detection nearly impossible. With the AccountCheck process integrated on the same platform used for accessing credit, 4506-T, Verification of Employment/Income, Undisclosed Debt Notifications, and more, clients can instantly verify banking deposits and assets with direct source data.

“The ability to instantly verify deposits and assets presents significant cost-savings and productivity gains, in addition to reducing buy-back risk with immediate fraud detection. The ease-of-use and security provided through the AcccountChek process eliminates the frustrating delays caused by redundant requests for paper statements when applying for financing,” said Nancy Fedich, CIS CEO. “The AccountChek process is paperless and occurs instantly with the direct data source in a completely secure, encrypted environment.”

AccountChek uses patented technology to securely link the borrower’s accounts. Credentials are entered by the borrower, validated with the account holder directly, and then permanently deleted from the encrypted environment upon completion of the request. Customer information is never accessible or shared with third-parties. The financial industry’s leading institutions and the government sponsored-enterprises (GSEs) have accepted the patented process AccountChek utilizes as the industry advances in the automated age of lending.

CIS is continually looking to provide new products and services to the market. CIS is able to offer Verification of Deposit/Asset to mortgage, automobile, real estate, leasing and commercial lending companies. CIS is a member of the National Consumer Reporting Association, National Association of Professional Background Screeners, Mortgage Bankers Association and local chapters of mortgage professionals and lenders nationwide.

Published
Dec 12, 2014
MBA Offers Suggestions For Improving Refis, Forbearance

Responds to CFPB's request for information published in September.

Regulation and Compliance
Nov 30, 2022
2023 Conforming Loan Limit Tops $1M For High-Cost Areas

FHFA said the baseline conforming loan limit will increase 12% next year.

Regulation and Compliance
Nov 29, 2022
FHA Extends Waivers To Its HECM Loss-Mitigation Policies 

Extension applies to senior borrowers affected by COVID-19.

Regulation and Compliance
Nov 28, 2022
N.J. Real Estate Developer, Lawyer Admit To Mortgage Fraud

Plead guilty to defrauding Fannie Mae, insurers of over $3.5 million.

Regulation and Compliance
Nov 28, 2022
Strength In Numbers

Seeking advice from the CFPB

Regulation and Compliance
Nov 21, 2022
HUD OKs Private Flood Insurance Options For Homeowners 

FHA to allow private flood insurance policies on insured single-family mortgages in special flood hazard areas.

Regulation and Compliance
Nov 21, 2022