Texas-based Mid America Mortgage is the latest lender to sign up for FormFree‘s AccountChek automated verification software.
The lender is using the solution to conduct automated reviews of borrowers’ asset accounts as part of its push toward executing a complete e-mortgage, FormFree reports in a press release.
“At Mid America, we believe the e-mortgage is the future of the mortgage industry and have been pursuing an aggressive e-mortgage strategy for several months,” says Jeff Bode, owner and CEO of Mid America Mortgage. “Automating the asset verification portion of our underwriting process using AccountChek enables us to further digitize and streamline our operations without sacrificing loan quality.”
The Web-based platform lets lenders order, analyze and certify a borrower’s financial statement data electronically, eliminating the need for borrowers to collect, copy and submit paper documents.
“The mortgage industry is experiencing an unprecedented period of digital transformation,” says Brent Chandler, CEO and founder of FormFree. “As lenders begin to embrace the reality of a fully digital mortgage transaction, data verification becomes a critical function. AccountChek provides lenders with an added level of security that the data underlying a borrower’s ability to repay is valid and unaltered.”