Seamless API integration allows mortgage lenders to order asset, income and employment verification from a single provider within the ICE Mortgage Technology Encompass platform
ATHENS, GA, July 8, 2021 (SEND2PRESS NEWSWIRE) – FormFree Â® has partnered with ICE Mortgage Technology â¢, part of Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of data, technologies and market infrastructures,? to make its AccountChek 3n1 asset, income and employment verification service available in Encompass Â®, the mortgage industry’s leading cloud-based loan origination platform.
Seamless API integration allows lenders to order, manage and review Asset Verification (VOA) and Income / Employment Verification (TRACK) reports with a single vendor selection in Encompass. By consolidating VOA and TRACK orders through a single vendor, mortgage lenders improve the efficiency of the loan origination process, reduce costs per loan, and streamline vendor due diligence.
FormFree’s AccountChek 3n1 securely delivers direct-source VOA and VOI / E data in less than a minute, dramatically shortening loan application times and collecting critical underwriting documents earlier in the application process.
VOA (Asset Report)
For more than 10 years, FormFree VOA has helped borrowers avoid the scavenger hunt when qualifying for a loan. Borrowers send their direct-source financial data directly to lenders in an underwriting-friendly format that reduces delays, manual errors and the risk of fraud. Real-time insight into borrowers’ assets, income and employment enables better credit decision making.
The main features include:
Average connection time of just 22 seconds Available with refresh periods of 30, 60, 90 and 180 days Representing Government Sponsored Companies (GSEs) and WAY Eligible (Income and Employment Report)
Many of today’s popular VOI and VOE solutions have a success rate of less than 50%, forcing lenders to fall back on manual verification processes that are slow and result in a decrease in the borrower’s experience. FormFree’s PATH product covers 85% of all American workers (over 100 million employees), saving lenders time and improving margins.
The main features include:
Flat rate pricing significantly lower than market alternatives Up to 6 latest pay stubs and 2 years of W-2 Free report refresh before closing âMortgage lenders can now get all three basic checks – assets, income and job – a trusted partner within the familiar environment of Encompass, âsaid Brent Chandler, CEO of FormFree. âBy combining VOA and PATH, FormFree’s AccountChek 3n1 eliminates the costs and headaches of managing multiple vendors, helps loan teams work more efficiently, and delivers a world-class borrowing experience that speeds up pre -approvals and increases the loan repayment rate.
FormFreeÂ® is a market-leading financial technology company whose revolutionary AccountChekÂ® and PassportÂ® products create a more inclusive credit decision landscape by enabling lenders to understand People’s True Payability (ATPÂ®). To date, thousands of US lenders and brokers have ordered millions of patented audit reports from FormFree, representing billions of dollars in loan audits. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination times, and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKeyÂ®. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.
ICE Mortgage Technology combines technology, data and expertise to automate the entire mortgage process, from consumer engagement to loan registration and every step and task in between. ICE Mortgage Technology is the leading provider of cloud-based loan origination platform for the mortgage industry with solutions that enable lenders to create more loans, lower origination costs and reduce closing time, while ensuring the highest levels of compliance, quality and efficiency. Visit https://www.icemortgagetechnology.com/ or call (877) 355-4362 to learn more.
About the intercontinental exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services in major asset classes that provide our clients with access to essential workflow tools that increase transparency and operational efficiency. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital, and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide insight, analysis and platforms that help our clients take advantage of opportunities and operate more efficiently. At ICE Mortgage Technology, we’re transforming and digitizing the US residential mortgage process, from consumer engagement to loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunities.
Trademarks of ICE and / or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, and New York Stock Exchange. Information regarding trademarks and additional intellectual property rights of Intercontinental Exchange, Inc. and / or its affiliates can be found here: https://www.intercontinentalexchange.com/terms-of-use. The key information documents for certain products covered by the EU Retail and Insurance Investment Products Regulation can be accessed on the website of the relevant exchange under the heading ‘Key Information Documents (KIDS ) â.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 – Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. . For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see documents filed by the Securities and Exchange Commission (SEC) of ICE, including, but not limited to ” Limit the risk factors in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on February 4, 2021.
Twitter: @RealFormFree @ICEMortgageTech #mortgageindustry #fintech #digitalmortgage
NEWS SOURCE: FormFree
This press release has been published on behalf of the information source (FormFree) which is solely responsible for its accuracy, by Send2PressÂ® Newswire. Information is believed to be accurate but is not guaranteed. Story ID: 73279 APDF-R8.2
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