FormFree Founder and CEO Brent Chandler today announced the availability of its AccountChek financial data verification service within OpenClose, a fintech provider of mortgage software solutions for banks, credit unions and mortgage lenders. The integration embeds AccountChek into OpenClose’s ConsumerAssist Enterprise POS and LenderAssist LOS, giving borrowers the freedom to electronically permission verification data with ease when applying for a mortgage loan.
AccountChek streamlines the lending process by empowering borrowers to electronically permission financial account and payroll data, thereby enabling lenders to verify asset, income, employment and rental history in a combined, underwriter-friendly report. By integrating AccountChek with OpenClose’s lending solutions, lenders can delight borrowers with a modern, paperless lending experience while expediting time-to-close, reducing loan production costs and mitigating the risk of fraud.
FormFree’s AccountChek verification of asset (VOA) reports are eligible for representations and warranty relief when assets are validated through Fannie Mae’s Desktop Underwriter (DU) validation service and Freddie Mac’s Asset and Income Modeler (AIM). Additionally, FormFree’s VOA reports can be used to leverage DU’s “positive rent payment history” feature — which is designed to extend sustainable homeownership opportunities to renters with little or no credit history — without disrupting lender workflows.
“OpenClose’s rapid market expansion made partnering with them a must,” said FormFree Founder and CEO Brent Chandler. “Our goal is to make the process and user experience benefits of direct-source borrower-permissioned data verification available to every lender and broker originating mortgage loans.”
“We are proud to offer our lender customers a more unified borrower experience and improved operational efficiency through AccountChek’s integration with our full suite of origination solutions,” said OpenClose CEO and CTO Jason Regalbuto. “Our partnership with FormFree eliminates a bottleneck in the origination process for many lenders, freeing them to enjoy the immediate ROI of faster turn times, greater repurchase certainty and happier customers.”
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