Mortgage Cadence integrates FormFree’s AccountChek asset-verification service into its Enterprise Lending Center
Enterprise Lending Center users now have streamlined access to instantaneous asset verification, eliminating lending bottlenecks and manual processes
ATLANTA, GA (April 5, 2018) — Mortgage Cadence, an Accenture (NYSE: ACN) company, has integrated FormFree®’s AccountChek® automated asset-verification service into its Enterprise Lending Center (ELC) platform, expanding the loan origination platform’s growing list of best-in-class third-party services that streamline every aspect of the mortgage process.
“We constantly evaluate the best service and data providers to include in our Services Center offering, and we are proud to add FormFree’s AccountChek to our arsenal,” said Brian Benson, executive manager of Mortgage Cadence’s Services Center. “As a Fannie Mae Day 1 Certainty designated vendor for asset verification, AccountChek enables greater speed and simplicity for both lenders and borrowers.”
In a recent Accenture Research survey, a majority of borrowers said they were willing to provide their lenders with the credentials necessary to digitally verify asset information in exchange for an easier, faster and more secure loan qualification process. AccountChek’s asset verification process, which can be completed in minutes from any web-enabled device, directly addresses this growing consumer demand for greater convenience in the mortgage transaction.
In addition to reducing burden on the borrower, AccountChek also minimizes the risk of human error that occurs when information from paper statements is manually keyed into software. Once users complete the asset-verification process through the integrated service, the AccountChek Asset Reports are securely stored in Mortgage Cadence’s ELC.
FormFree is a Day 1 Certainty vendor, which means that information gathered through AccountChek can be uploaded electronically to Fannie Mae without the need for supporting documentation. Assets validated through AccountChek using the Desktop Underwriter® Validation Service are eligible for rep and warrant relief from Fannie Mae, reducing the risk of repurchase.
The new functionality is available now to ELC users, enabling the “click here, close now” type of lending that today’s borrowers expect.
For more information on Mortgage Cadence’s lending technology suite, visit http://www.mortgagecadence.com/.
Leading lenders trust FormFree Holdings Corporation to deliver automated verification solutions that increase loan closing speed and drive more insight from a borrower's financial information. FormFree was named one of American Banker's Top 10 Tech Companies to watch in 2015. Its flagship product, AccountChek(tm), is the only patented solution delivering automated asset verification data and reports. The AccountChek(tm) solution consolidates, analyzes, and verifies assets directly from their source. It then applies thousands of proprietary algorithms to generate asset reports on demand. AccountChek is the only patented third-party asset verification acceptable to the GSEs and leading investors. More than 200 leading lenders offer AccountChek to their millions of customers in the United States. FormFree is headquartered in Atlanta, Georgia. For more information, visit www.FormFree.com.
About Mortgage Cadence
Since 1999, Mortgage Cadence, champions of the lending process, have been providing the best people, process and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. Visit http://www.mortgagecadence.com/ for more information.