ATHENS, Ga., April 3, 2018 — Automated verification provider FormFree® today announced that its flagship AccountChek® automated asset verification service is now part of BeSmartee's next-generation mortgage point-of-sale (POS) platform. The integration will make BeSmartee’s already-streamlined digital loan process even speedier thanks to faster and more accurate assessment of borrowers’ ability to pay from FormFree.
BeSmartee’s customizable, web-based platform gives loan officers a more efficient digital origination process and improves the mortgage experience for borrowers by giving them greater guidance and control.
AccountChek 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. The standardized format of AccountChek’s digital Asset Report reduces loan processing and underwriting times and allows lenders to close loans days faster.
BeSmartee’s flexible integration with FormFree allows lenders to customize where they bring AccountChek into the origination workflow. The AccountChek Asset Report can be ordered by loan officers with a single click, or borrowers can initiate asset verification as an easy, self-service process.
“By incorporating AccountChek as a point-of-sale process, BeSmartee helps lenders move loans into initial underwriting very quickly, which can cut days off time-to-close,” said BeSmartee co-founder Arvin Sahakian. “And because our partnerships with trusted Day 1 Certainty vendors like FormFree are ready out-of-the-box, BeSmartee’s onboarding process is weeks shorter than competitors’.”
Fannie Mae chose AccountChek by FormFree as its first designated vendor for asset validation as part of Day 1 Certainty™. Lenders who use AccountChek and submit their casefiles for validation through Fannie Mae’s Desktop Underwriter® (DU®) automated underwriting system receive freedom from representations and warrants for the validated components of the loan.
AccountChek is also now in pilot for Single Source Validation, which is an enhancement to Fannie Mae’s DU validation service that will let lenders obtain asset, income and employment validation from one automated report from AccountChek.
“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 CEO Brent Chandler. “We’re delighted to work with BeSmartee to put AccountChek in borrowers’ hands at the point of sale and give loans the shortest possible path from initial contact to underwriting."
FormFree is a fintech company whose market-leading AccountChek® Asset Reports are used by lenders nationwide to verify borrower assets, employment and income in minutes. To date, more than 1,000 U.S. lenders have ordered over 1.25 million AccountChek Asset Reports, delighting their customers with a paperless experience and reducing origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey™. A HousingWire TECH100™ company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit https://www.formfree.com or follow FormFree on LinkedIn.
BeSmartee has developed an automated mortgage origination technology the company private labels and licenses to lenders. By utilizing artificial intelligence, BeSmartee's process enables lenders to take their borrowers from the initial contact into underwriting in 20 minutes with a complete loan application, credit report, income/asset documents, eSigned/eDelivered disclosures and paid appraisal. Founded in 2008 and headquartered in Huntington Beach, Calif., the BeSmartee team has worked on the front and back-end of mortgage originations for over a decade, applying their knowledge to develop a truly unrivaled user experience, with an array of tools and features catering to the specific needs of lenders and their customers.