FormFree has announced that
Guaranteed Rate Inc. has selected AccountChek by FormFree for automated asset verification. The partnership enables loan officers at Guaranteed Rate to offer their clients a faster and more accurate alternative to scanning and uploading asset statements. AccountChek’s app lets borrowers securely link to their banking, retirement and investment accounts and share the asset and deposit data needed to qualify for a loan.
“AccountChek saves borrowers the extra 20 minutes it takes to collect and upload paper statements, but it also does much more than that—it streamlines the entire loan process,” said Nikolaos Athanasiou, Chief Operating Officer at Guaranteed Rate. “No matter what financial institutions a borrower uses, we receive one standardized asset report in the GSE-required format. This speeds up our underwriting review and gives us greater confidence in our ability to sell the loan. As a result, we’re moving borrowers from application to closing on average five to 10 days faster.”
AccountChek was approved for participation in Fannie Mae’s Day 1 Certainty initiative, which gives lenders who use the Desktop Underwriter (DU) Validation Service reps and warrants relief for validated loan components.
“AccountChek helps lenders achieve reps and warrants relief from Fannie Mae while delivering a more modern lending experience to borrowers,” said FormFree Founder and President Brent Chandler. “We’re seeing outstanding results like those Guaranteed Rate has attained—up to a 10-day reduction in time-to-close—across our customer base and corroborated by Fannie’s Day 1 Certainty team.”
