Integration Streamlines Loan Production With VOA And VOI/E Capture

FormFree has completed the integration of AccountChek, a service that allows lenders to verify borrowers’ assets, income, employment and rent payment history, with Solex, an eDelivery, eSign, eClose and eVault platform from Docutech, a First American company. By making AccountChek available during the initial disclosures phase of the mortgage process, the integration delivers an improved borrower experience, while saving lenders money and giving them greater choice in how to incorporate verification of assets (VOA) and verification of income and employment (VOI/E) into the mortgage workflow.

As an omni-channel solution, AccountChek offers cost- and time-saving benefits to retail, consumer-direct, wholesale and correspondent originators alike. Notably, the integration between AccountChek and Solex helps wholesale lenders differentiate themselves with process efficiencies their broker networks have not historically been able to access. Additionally, because AccountChek delivers rent payment history along with VOA and VOI/E, it allows brokers to better serve ‘credit invisible’ borrowers with thin credit files thanks to expanded investor underwriting guidelines that take rent payments into consideration when assessing borrower credit risk.

“Rolling a VOA/IE option into the electronic signing experience within Solex provides our clients with a valuable opportunity to compress loan cycle times at a critical milestone in the lending process,” said Docutech President Emily Shapiro. “Our integration with FormFree is seamless, secure and makes it easy for borrowers to take the next steps on their home ownership journey.”

“The integration between AccountChek and Solex elegantly combines two loan milestones into a single, paperless process and places verification of a borrower’s ability to pay at the earliest engagement point in the mortgage process,” said FormFree CEO Brent Chandler. “It’s more convenient for the borrower and more efficient for lenders at a time when conversion and process optimization are at the top of every mortgage originator’s wish list.”