FormFree, a technology provider, and Equifax Workforce Solutions, a provider of human resource and verification services, have formed a strategic referral partnership through which Equifax will offer its AccountChek service, an automated verification of deposit and asset solution.
‘By partnering with FormFree, we will be able to empower our verifier clients with immediate access to digital account statements when authorized by the applicant, thus helping them close loans more quickly and provide a better overall consumer experience,’ says Michael Kuentz, senior vice president for Equifax Verification Services.
According to the companies, Equifax offers asset verifications to its customers through manual processes but will be adding AccountChek as a digital alternative, which is paperless and connects lenders directly to any financial institution where a borrower holds an account.
‘Not only does our new business partnership give us exposure to a large number of lenders, it will also speed adoption of paperless asset and deposit verifications at a time when the industry needs them most,’ explains Brent Chandler, founder and CEO of FormFree.
The company says AccountChek will also help lenders comply with January 2014's Consumer Financial Protection Bureau regulations, which will require lenders to verify a borrower's ability to repay on all residential mortgages. The solution also satisfies Fannie Mae's Form 1006 Verification of Deposit requirements, according to FormFree.