marketanalysis

Lender Turns To Vendor To Do Asset Verification

New Penn Financial, a nationwide mortgage lender licensed to do business in 48 states, will join the ranks of over 200 other lenders, including one of the top 10, by using FormFree’s AccountChek automated asset verification solution to verify the financial statements of its mortgage applicants. Here’s why:

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AccountChek, the first and only patented automated verification of deposits and assets (VODA) solution accepted by the government-sponsored enterprises (GSEs), replaces the need for borrowers to submit paper bank statements that show they have the financial resources to qualify for a mortgage. AccountChek is used by thousands of mortgage loan officers, underwriters and processors to collect data directly from virtually any financial institution and generate reports in just minutes, creating enormous time savings for both borrowers and lenders.

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By eliminating the need for paper bank statements, AccountChek also helps significantly reduce buyback exposure and fraud, while also providing lenders with an easy solution for complying with new “ability-to-pay” rules.

“We are anxious to use FormFree’s AccountChek solution,” said Jerry Schiano, president and chief executive officer of New Penn Financial. “We will now be able to verify our applicants’ bank statements digitally, rather than on paper, which will enable us to improve our customer service as well as get more accurate information faster.”

About The Author

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Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.