Automated verification provider FormFree(R) has partnered with LoanBeam(R), the leader in automated income extraction and calculation, to make it easy for mortgage lenders to solve two of their toughest underwriting challenges: collecting digital borrower financial data directly from the source and calculating qualified income with accuracy, consistency and efficiency.
(ATHENS, Ga.) — NEWS: Automated verification provider FormFree(R) has partnered with LoanBeam(R), the leader in automated income extraction and calculation, to make it easy for mortgage lenders to solve two of their toughest underwriting challenges: collecting digital borrower financial data directly from the source and calculating qualified income with accuracy, consistency and efficiency.
AccountChek(R) by FormFree is an automated asset verification service that enables borrowers to demonstrate their ability to repay loans by sharing financial data directly with lenders instead of mailing, faxing or emailing traditional asset account statements. AccountChek delivers asset data to lenders in a standardized report along with a ReIssueKey that enables secure and streamlined sharing with the secondary market.
LoanBeam will use AccountChek source data to provide the qualified income calculations lenders need to underwrite and sell mortgages to Fannie Mae, Freddie Mac and third-party investors. The partnership will enable lenders to collect digital asset, income and employment data from borrowers in a quick, 3-minute session for significant cost savings and reduction in turn times 9-20 days on average.
“FormFree makes lending simpler, safer and faster by streamlining the loan origination process and providing better intelligence on borrowers’ ability to pay,” said FormFree founder and CEO Brent Chandler. “We’re delighted to work with LoanBeam on a comprehensive income analytics solution that ensures accuracy through the use of direct-source digital data.”
“LoanBeam’s partnership with FormFree is about leveraging each of our core assets to enable simple, secure and truly transformative delivery of digital financial data and qualified income calculations for our mutual customers,” said Kirk Donaldson, LoanBeam’s CEO. “Our integrated platform is a solution for every loan, not just loans with complex tax returns, and gives lenders the investor-accepted, highly accurate qualified income calculations they need to underwrite and portfolio or sell mortgage loans with confidence.”
FormFree is a fintech company whose market-leading AccountChek(R) reports are used by hundreds of lenders nationwide to verify borrower assets, employment and income in minutes. With FormFree, lenders can delight customers with a paperless experience and reduce origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey(TM). To date, AccountChek has securely placed more than one million asset reports for over 1,000 U.S. lenders. A HousingWire TECH100(TM) company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit https://www.formfree.com or follow FormFree on LinkedIn.
Navesink Mortgage Services LLC (NMS) and its two subsidiaries, LoanBeam and Appraisal Fee Services (AFS), provide residential mortgage lenders and mortgage services consolidators with software solutions that automate tax return analysis and provide a secured and regulatory compliant payment solution.
LoanBeam, the standard in automatic income calculation and verification, leverages big data partners, advanced scanning technologies, and patented algorithms to reduce multiple streams of income into a single, easy-to-read electronic output. LoanBeam saves lenders time and money while improving accuracy. LoanBeam is based in Dallas, Texas. For more information, visit https://loanbeam.com.
Twitter: @FormFree @LoanBeam #MBAAnnual18
Related link: https://www.formfree.com/
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