Enterprise Lending Center users now have streamlined access to instantaneous asset-verification, eliminating lending bottlenecks and manual processes
DENVER; April 5, 2018 – Mortgage Cadence, an Accenture (NYSE: ACN) company, has integrated FormFree®’s AccountChek® automated asset-verification service into its Enterprise Lending Center (ELC) platform, expanding the loan origination platform’s growing list of best-in-class third-party services that streamline every aspect of the mortgage process.
“We constantly evaluate the best service and data providers to include in our Services Center offering, and we are proud to add FormFree’s AccountChek to our arsenal,” said Brian Benson, executive manager of Mortgage Cadence’s Services Center. “As a Fannie Mae Day 1 Certainty designated vendor for asset verification, AccountChek enables greater speed and simplicity for both lenders and borrowers.”
In a recent Accenture Research survey, a majority of borrowers said they were willing to provide their lenders with the credentials necessary to digitally verify asset information in exchange for an easier, faster and more secure loan qualification process. AccountChek’s asset verification process, which can be completed in minutes from any web-enabled device, directly addresses this growing consumer demand for greater convenience in the mortgage transaction.
In addition to reducing burden on the borrower, AccountChek also minimizes the risk of human error that occurs when information from paper statements is manually keyed into software. Once users complete the asset-verification process through the integrated service, the AccountChek Asset Reports are securely stored in Mortgage Cadence’s ELC.
FormFree is a Day 1 Certainty vendor, which means that information gathered through AccountChek can be uploaded electronically to Fannie Mae without the need for supporting documentation. Assets validated through AccountChek using the Desktop Underwriter® Validation Service are eligible for rep and warrant relief from Fannie Mae, reducing the risk of repurchase.
The new functionality is available now to ELC users, enabling the “click here, close now” type of lending that today’s borrowers expect.
For more information on Mortgage Cadence’s lending technology suite, visit MortgageCadence.com.
FormFree is a fintech company whose market-leading AccountChek® Asset Reports are used by lenders nationwide to verify borrower assets, employment and income in minutes. To date, more than 1,000 U.S. lenders have ordered over 1.25 million AccountChek Asset Reports, delighting their customers with a paperless experience and reducing origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey™. A HousingWire TECH100™ company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit www.formfree.com or follow FormFree on LinkedIn.
About Mortgage Cadence
Since 1999, Mortgage Cadence, champions of the lending process, have been providing the best people, process and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. Visit www.mortgagecadence.com for more information.