Private Eyes Inc., which provides income verifications for lenders and background checks for employers worldwide, will help its clients close loans faster and more securely through a strategic partnership with FormFree Holdings Corporation, a provider of automated asset verifications in the mortgage industry.
Private Eyes will be a reseller of FormFree’s AccountChek automated asset verification solution, the first and only patented verification of deposits and assets (VODA) solution accepted by the government-sponsored enterprises (GSEs). When borrowers apply for loans, AccountChek verifies the borrower’s financial statements electronically with the borrower’s banks, without anyone having to produce paper copies of bank statements.
“FormFree stands alone as the only borrower verification provider capable of telling a borrower’s entire financial story in minutes,” said Sandra James, president of Private Eyes, Inc. “Our partnership with FormFree will help our clients achieve enormous advantages in savings and efficiency. We look forward to a long and successful partnership.”
“Automated verifications are revolutionizing the mortgage industry, and lenders that aren’t using them are being increasingly exposed to unnecessary costs and borrower misbehaviors,” said Brent Chandler, Founder and CEO of FormFree. “We’re delighted to partner with Private Eyes to help lenders stay compliant with recent federal ability-to-repay rules while doing their jobs faster, easier and more profitably.”
AccountChek is a web-based platform that enables users to order, analyze, and certify an individual’s bank statement data electronically, rather than requiring the borrower to produce paper copies of bank statements. By pulling information about a borrower’s assets straight from each financial institution, lenders can verify an applicant’s deposits and assets in minutes instead of days, resulting in faster and safer lending decisions.
Because AccountChek eliminates paper bank statements, it significantly reduces buyback exposure and mortgage scams while saving money. “Lenders that cling to paper-based processes, such as accepting scanned bank statements from borrowers, are totally exposed to one of the biggest loopholes for mortgage fraud,” Chandler said. “On the other hand, fake bank statements are impossible with AccountChek because we get our data straight from the source-the banks. There’s no paper.”
Since 2012, AccountChek has verified assets for more than $25 billion in loans, of which $20 billion have been in the past year alone. AccountChek is now extending its patent portfolio to include income, employment, and identity verifications, continuing to lead the digital evolution of lending.
Private Eyes, which is based in Walnut Creek, California, provides background checks on employees for companies across the country as well as income and asset verifications to lenders. The company’s 4506-Transcripts service assists mortgage lenders and Small Business Administration lenders obtain income verifications, usually within 24 to 48 hours.