As most lenders know, getting accurate borrower information as early as possible in the mortgage process is the key to reducing loan defects. As such, lenders are increasingly deploying software and systems that can automate the application process – including the verification of financial data contained in statements and forms.
‘Say goodbye to the paper chase,’ says Greg Holmes, national director of sales and marketing for Credit Plus, in a release. ‘Lenders will no longer need to manually gather print copies of an applicant's bank statements.’
As the release points out, government-sponsored enterprises Fannie Mae and Freddie recently approved verification of deposits and assets.
‘By partnering with AccountChek, we're able to provide lenders with deposits and assets verification right away,’ Holmes said. ‘Not only does it save time, but because data is provided directly from financial institutions, the risk of fraud is virtually eliminated.’
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