Data Facts Inc., a mortgage credit report and verification services provider based in Cordova, Tenn., has adopted AccountChek, a deposit verification service provided by FormFree.
The service will allow Data Facts clients to verify deposits and assets in an applicant's bank records in a few minutes through electronic verification of borrower data.
"Automated verification of deposits eliminates the need for paper bank statements, which aids in significantly reducing buyback exposure and fraud. This also helps lenders comply with the 'ability-to-pay' rules," said Julie Wink, Executive Vice President of Data Facts.
