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Data Facts Inc. has announced an enhancement to their deposit verification solutions, allowing users to verify an applicant’s bank records in just minutes through AccountChek-powered by FormFree. AccountChek provides a patented automated verification of deposit and asset (VODA) solution to mortgage lenders, saving time and money while reducing fraud.
This system is the only third-party asset verification acceptable to the government-sponsored enterprises (GSEs) and leading investors by collecting data directly from the financial institution. AccountChek replaces the need for borrowers to submit paper bank statements that show they have the financial resources to qualify for a mortgage, using a propriety process of electronic certification of a borrower’s bank data. This enhanced solution provides instant results allowing lenders to reduce delays, and helps simplify the underwriting process by providing a clearer picture of their borrower’s finances.
“Automated verification of deposits eliminates the need for paper bank statements, which aids in significantly reducing buyback exposure and fraud. This also helps lenders comply with the “ability-to-pay” rules. It is solutions such as these that our customers expect from us, to keep them competitive in the marketplace,” said Julie Wink, executive vice president of Data Facts.