FormFree [1] recently announced that Guaranteed Rate, Inc. [2] has selected AccountChek by FormFree for automated asset verification.
In using AccountChek, loan officers at Guaranteed Rate will be able to offer their clients a faster, safer, and more accurate alternative to scanning and uploading asset statements. AccountChek’s app lets borrowers securely link to their banking, retirement, and investment accounts and share the asset and deposit data needed to qualify for a loan.
“AccountChek saves borrowers the extra 20 minutes it takes to collect and upload paper statements, but it also does much more than that—it streamlines the entire loan process,” said Nikolaos Athanasiou, COO at Guaranteed Rate.
“No matter what financial institutions a borrower uses, we receive one standardized asset report in the GSE-required format. This speeds up our underwriting review and gives us greater confidence in our ability to sell the loan,” Athanasiou continued. “As a result, we’re moving borrowers from application to closing on average five to 10 days faster.”
“AccountChek helps lenders achieve reps and warrants relief from Fannie Mae while delivering a more modern lending experience to borrowers,” said FormFree Founder and President Brent Chandler. “We’re seeing outstanding results like those Guaranteed Rate has attained—up to a 10-day reduction in time-to-close—across our customer base and corroborated by Fannie’s Day 1 Certainty team.”
AccountChek was the first asset verification provider approved for participation in Fannie Mae’s Day 1 Certainty initiative, which gives lenders who use the Desktop Underwriter Validation Service reps and warrants relief for validated loan components.