FormFree and Finastra partnership streamlines borrower verification for improved mortgage loan processing
AccountChek integration with Mortgagebot enhances asset, income and employment verification workflow to reduce risk and processing time for lenders and enable faster decision making
FormFree & Finastra
ATHENS, Ga. and LONDON, August 22, 2022 — Finastra and FormFree®, a market-leading fintech company that enables lenders to understand people’s true ability to pay (ATP®), have partnered to further streamline electronic borrower verification for mortgage lenders. FormFree’s AccountChek will integrate directly into Finastra’s Mortgagebot solutions to facilitate an automated asset, income and employment verification process that paves the way for faster loan decisioning.
“Partnering with Finastra has enabled us to further optimize the borrower verification process for AccountChek and Mortgagebot users,” said Brent Chandler, founder and CEO at FormFree. “Notably, the integration makes it easier for lenders to support the government sponsored enterprises’ verification initiatives that help expand access to homeownership and streamline processes without incurring additional risk. Combined, Finastra and FormFree’s technologies and shared vision for fair and inclusive access to home financing will help lenders deliver an elevated borrower experience.”
Fusion Mortgagebot is Finastra’s end-to-end cloud-based lending platform that maximizes operational efficiency and mortgage opportunities for lenders. The integration of FormFree’s AccountChek delivers significant time savings with its streamlined verification process. Borrower permissioned asset, income and employment data is retrieved and formatted into underwriter-friendly reports, providing lenders with full transparency and direct-source data for better credit decisioning while reducing processing time and risk of fraud.
Steve Hoke, vice president, mortgage and origination at Finastra said, “FormFree provided us with the perfect solution to help further streamline what is traditionally a very manual and labor-intensive task. For both lenders and borrowers, this added verification capability to our lending solution will have a significant impact on the loan cycle, creating a more efficient, secure and inclusive process.”
The FormFree integration is available now for Fusion Originate Mortgagebot and Fusion MortgagebotLOS users in the Americas.
For more information on Fusion Mortgagebot, click here.
As the industry’s go-to provider for direct-source VOA and VOI/E data, FormFree helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open doors to more inclusive credit decisioning by revealing each customer’s true ability to pay (ATP®). We have completed over $3 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.