UPF Services, a provider of real estate solutions, and FormFree, a technology provider, have launched VODChek, a new technology solution.
The companies say the new tool enables clients of UPF Services to verify a borrower's assets by retrieving automated electronic bank statements from over 15,000 financial institutions and enables more loans to be processed with greater accuracy and in a shorter amount of time.
Powered by FormFree's AccountChek, an automated verification of deposit and asset solution, VODChek will provide up to three months of borrower transaction details and access to reporting tools through a secure, Web-based platform, according to the companies.
The companies also say VODChek eliminates the potential for borrower fraud and reduces loan file errors by gathering certified digital data about a borrower's assets directly from the borrower's bank. VODChek is currently available to more than 300 financial institutions and lenders that use UPF Services.
