Atlanta-based Equifax Inc., a global information solutions provider, has joined forces with FormFree, an automated asset verifications solution provider, to establish a new standard for verifications services, improving loan decisioning time in support of lenders and consumers.
Specifically, the companies say they are exploring options for FormFree to provide asset verification services concurrently with Equifax’s provision of employment and income verification services.
“The alliance between Equifax and FormFree is supporting a revolution in the mortgage industry and raises the bar in terms of what lenders should expect as it relates to speed of the verifications process,” says Craig Crabtree, general manager of Equifax Mortgage Services. “In today’s mortgage marketplace, we are developing a gold standard with our efforts to provide a single platform for our customers to order asset employment and income verification services.”
According to the companies, the two are discussing the development of integration points for lenders to access the asset, employment and income information. It is expected that Equifax will enable lenders to easily order this information through a Web-based platform.
The provision of asset, employment and income information may help eliminate the need for many borrowers to collect, copy and submit paper statements, the companies note.
“AccountChek pioneered automated verification of assets, much like Equifax did with employment and income verification. By eliminating paper from the process and providing a more intelligent analysis of a borrower’s ability to repay, we are ushering in a new era in lending,” says Brent Chandler, CEO and founder of FormFree. “Direct-source data leads to greater purchase certainty – there’s no denying it. The combination of these two solutions is a signal to the industry that the next stage of the digital mortgage evolution is here.”