The Athens, Ga.-based company brings to the alliance a verification of deposit and asset service tool that also provides digital bank reports designed to help reduce borrower fraud.
ACCOUNTCHEK service is an automated mortgage leading verification of deposit and asset tool. It enables lenders to verify a borrower’s ability to repay a residential mortgage along with Fannie Mae’s requirement to complete and deliver electronically Form 1006 Verification of Deposit reports.
More than 15,000 financial institutions, including mortgage lenders, are currently using the platform to verify borrowers’ assets during loan origination and servicing.
Until now Equifax offered manual customer asset verifications. It will now add ACCOUNTCHEK as a digital alternative.
The partnership “gives us exposure to a large number of lenders,” said Brent Chandler, FORMFREE founder and CEO. “It will also speed adoption of paperless asset and deposit verifications.”