FormFree, a provider of automated verification software, today announced that Guild Mortgage (Guild) has selected AccountChek(TM) by FormFree as its partner for automated borrower asset review and decision support. AccountChek eliminates the hassle of collecting bank statements and other asset documents for loans by empowering borrowers to submit their financial data directly to lenders in minutes using a secure app.
eNewsChannels NEWS: ATLANTA, Ga. — FormFree, a provider of automated verification software, today announced that Guild Mortgage (Guild) has selected AccountChek(TM) by FormFree as its partner for automated borrower asset review and decision support. AccountChek eliminates the hassle of collecting bank statements and other asset documents for loans by empowering borrowers to submit their financial data directly to lenders in minutes using a secure app.
“We had the opportunity to test-drive AccountChek as a participant in Fannie Mae’s pilot earlier this year, and the response from our loan officers was overwhelmingly positive,” said Jason Cho, vice president of product strategy for Guild. “Manual bank statement collection and review is time-consuming and frustrating for borrowers and lenders alike. As a cutting-edge lender and trusted advisor to our borrowers, Guild is always looking for ways to make the lending process more efficient and user-friendly.”
San Diego-based Guild is one of the largest and fastest-growing independent mortgage banking companies in the country. Guild offers a range of residential mortgage products to serve the needs of any borrower, from the first-time homebuyer to military personnel to jumbo borrowers. Guild funds and services most of its own loans for improved loan quality, faster approval and borrower retention.
From its earliest days, Guild has been a technology innovator within the mortgage industry. Rather than relying on off-the-shelf software, Guild designed its own systems, digital platforms and customer relationship management software to provide the highest levels of customer service and maximize operational efficiency. It invests in new technology and automated programs wherever possible to further speed and improve the lending process.
Automated asset verification from AccountChek streamlines the mortgage underwriting process for both borrowers and lenders, resulting in quicker decisions and higher borrower satisfaction. AccountChek also produces a more fraud-resistant loan process by using secure data that is sourced directly from the financial institution, eliminating the opportunity for tampering or errors.
“Once Fannie Mae announced its decision to make AccountChek available through Desktop Underwriter – and extend reps and warrants relief to ability-to-repay determinations made using AccountChek – our decision was made,” said Cho. “Guild has always maintained excellent relationships with our investors, and we have confidence in Fannie Mae’s vendor selection process and commitment to building a better borrower experience.”
Fannie Mae launched its Day 1 Certainty(TM) initiative and named AccountChek the first “designated vendor” with reps and warrants relief for asset verification at last month’s Mortgage Bankers Association (MBA) Annual Convention & Expo 2016 in Boston. Users will have access to AccountChek via Fannie Mae’s Desktop Underwriter(r) (DU(r)) validation service starting December 10.
“In just minutes, AccountChek confirms deposits and assets, performs a sophisticated analysis of the borrower’s ability to repay and creates a GSE-approved asset verification report,” said Brent Chandler, CEO and founder of FormFree. “It is our pleasure to help Guild Mortgage make faster, better-informed lending decisions while streamlining the mortgage transaction for the borrower.”
About FormFree
Leading lenders trust Athens, Georgia-based FormFree to deliver automated verification solutions that streamline the loan origination process and provide better intelligence on borrowers’ ability to repay. FormFree’s flagship app, AccountChek(TM), eliminates the hassle of collecting paper statements from borrowers by using direct-access data untouched by human hands to consolidate, analyze and verify assets. Lender tested and GSE approved, AccountChek securely delivers automated asset verification data and on-demand reports to more than 200 leading U.S. lenders and their millions of customers. FormFree was named one of American Banker magazine’s “Top 10 Tech Companies to Watch” in 2015.
For more information, visit http://www.formfree.com/.
About Guild Mortgage
Guild Mortgage Co. was founded in 1960 as a home financing company for American Housing Guild in San Diego, California. Guild broadened its range of services in 1972 by including resale mortgage financing. After decades of successful innovation and growth, Guild Mortgage Co. is now a nationally recognized mortgage banking company with 234 branch and satellite offices in 25 states. It generated loan volume of $13.8 billion in 2015, up 86.1 percent from $7.4 billion in 2014. Its servicing volume reached $22.3 billion in 2015, up 34 percent from $16.6 billion in 2014. In addition, Guild has correspondent banking relationships with credit unions and community banks in 47 states. (Equal Housing Lender- Company NMLS #3274).
For more information, visit https://www.guildmortgage.com/.
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