Roostify, a provider of automated real estate transaction technology, will integrate AccountCheki, 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 can be ordered and received through the Roostify platform and also exported to a lender’s loan origination system (LOS) of choice.
Created by FormFree Corp., AccountChek is the first technology on the market that automates the verification of a borrower’s deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. AccountChek delivers VODA reports in minutes through a secure web and mobile portal, eliminating the need for borrowers to submit endless paper copies of bank statements and giving lenders a safe and simple means of complying with new ability-to-pay 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. 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,” says Rajesh Bhat, CEO of Roostify. “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, noted that the founders of both Roostify and FormFree Holdings began their respective companies for the same exact reason—to fix the frustrating loan application process they encountered as homebuyers.
“The most common question we get asked in the mortgage industry is whether the borrower will want to submit their bank statements online. 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,” Chandler said. “Together, we will be creating levels of efficiency that are unmatched in the mortgage industry today.”
Roostify launched in January of 2014 but has already been used to successfully close loans in as little as three weeks due to the level of automation and step-by-step loan management it offers both the borrower and the lender.