FormFree Holdings Corp., a provider of automated deposit and asset verifications, says that Wells Fargo will now accept FormFree's AccountChek asset report for all product types for correspondent delivery.
The AccountChek asset report collects data directly from financial institutions and provides lenders and investors with ATR/QM-compliant electronic verifications in an easy-to-use format. This report is the first and only patented verification of deposits and assets solution currently in the marketplace, according to FormFree.
Designed to be used in tandem with credit reports, the AccountChek asset report includes a borrower's running balances, deposits and withdrawals, non-sufficient funds and large deposit notifications, and many other details, giving lenders and investors a clearer picture of a borrower's finances and simplifying the underwriting decision process.
This announcement is the latest in a series of investor approvals including Fannie Mae, Freddie Mac, Chase, PennyMac and others.