has partnered with LoanBeam
to make it easy for mortgage lenders to solve two of their toughest underwriting challenges: Collecting digital borrower financial data directly from the source and calculating qualified income with accuracy, consistency and efficiency.
AccountChek by FormFree is an automated asset verification service that enables borrowers to demonstrate their ability to repay loans by sharing financial data directly with lenders instead of mailing, faxing or emailing traditional asset account statements. AccountChek delivers asset data to lenders in a standardized report along with a ReIssueKey that enables secure and streamlined sharing with the secondary market.
“FormFree makes lending simpler, safer and faster by streamlining the loan origination process and providing better intelligence on borrowers’ ability to pay,” said FormFree Founder and Chief Executive Officer Brent Chandler. “We’re delighted to work with LoanBeam on a comprehensive income analytics solution that ensures accuracy through the use of direct-source digital data."
LoanBeam will use AccountChek source data to provide the qualified income calculations lenders need to underwrite and sell mortgages to Fannie Mae, Freddie Mac and third-party investors. The partnership will enable lenders to collect digital asset, income and employment data from borrowers in a three-minute session for significant cost savings and reduction in turn times nine to 20 days on average.
“LoanBeam’s partnership with FormFree is about leveraging each of our core assets to enable simple, secure and truly transformative delivery of digital financial data and qualified income calculations for our mutual customers,” said Kirk Donaldson, LoanBeam’s Chief Executive Officer. “Our integrated platform is a solution for every loan, not just loans with complex tax returns, and gives lenders the investor-accepted, highly accurate qualified income calculations they need to underwrite and portfolio or sell mortgage loans with confidence.”