Roostify reports that it has integrated AccountChek, a digital solution for verification of deposits and assets (VODA), into its end-to-end, Web-based loan-processing platform to automate the retrieval of digital bank statements and verification of deposits.
Digital reports generated by AccountChek – a FormFree Holdings Corp. product – can be ordered and received through the Roostify platform and also exported to a lender's loan origination system (LOS) of choice.
With AccountChek integrated with the Roostify platform, lenders will have a safe and simple means of complying with new ability-to-repay rules created by the Consumer Financial Protection Bureau.
‘Our goal is to provide all of the tools necessary to achieve a truly paperless loan, while maintaining total transparency between the lender and the borrower,’ says Rajesh Bhat, CEO of Roostify, in a release. ‘AccountChek offers an ideal alternative to uploading scanned paper bank statements, because in just a couple of minutes, it pulls digital bank statements and VODs directly from the financial institutions with the borrower's permission. We feel this service is more streamlined for the borrower than traditional processes and offers much greater convenience.’
Brent Chandler, founder and CEO of FormFree, notes that he and Bhat launched their respective companies for the same reason – to fix the frustrating loan application process they encountered as home buyers.
‘The most common question we get asked in the mortgage industry is whether the borrower will want to submit their bank statements online,’ Chandler says. ‘Not only do all of the market trends show that consumers expect a paperless process, you have the borrowers themselves starting companies like Roostify and FormFree to fix the issues they personally encountered while buying a home.’