Data Facts Announces New Automatic Verification of Deposits

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Mortgage lending solution provider Data Facts announces a new automated product that helps reduce buyback exposure and helps lenders comply with the 'ability-to-pay' rule.

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Automated verification of deposits eliminates the need for paper bank statements, which aids in significantly reducing buyback exposure and fraud. This also helps lenders comply with the “ability-to-pay” rules.

Data Facts Inc - a nationwide provider of mortgage lending solutions - is excited to announce an enhancement to their deposit verification solutions allowing users to verify an applicant’s bank records in just minutes through AccountChek-powered by FormFree.

AccountChek provides a patented automated verification of deposit and asset (VODA) solution to mortgage lenders, saving time and money while reducing fraud. This system is the only third party asset verification acceptable to GSE’s and leading investors by collecting data directly from the financial institution.

AccountChek replaces the need for borrowers to submit paper bank statements that show they have the financial resources to qualify for a mortgage, using a propriety process of electronic certification of a borrower’s bank data. This enhanced solution provides instant results allowing lenders to reduce delays, and helps simplify the underwriting process by providing a clearer picture of their borrower’s finances.

Throughout their 25 years, Data Facts has maintained a commitment to offering innovative lending solutions.

“Automated verification of deposits eliminates the need for paper bank statements, which aids in significantly reducing buyback exposure and fraud. This also helps lenders comply with the “ability-to-pay” rules. It is solutions such as these that our customers expect from us, to keep them competitive in the marketplace,” says Julie Wink, Executive Vice President of Data Facts.

If you would like a demonstration or additional information on this new solution, please contact Data Facts, Inc at 901.685.7599 or lendingsolutions(at)datafacts(dot)com

About FormFree

FormFree Holdings Corporation is a privately-held technology provider that specializes in helping financial institutions determine the ability of their customers to pay back loans and reduce closing times by automating the financial verification process. Its flagship product, AccountChek, is an automated, paperless verification of deposits and assets solution that has received an Innovation Award from the PROGRESS in Lending Association, Mortgage Technology magazine’s “Fix-It” Award, and was the category winner in HousingWire magazine’s 2014 HW TECH100 list of the most innovative technology companies in the housing industry. FormFree was founded in 2008 and is based in Atlanta, Georgia. For more information, visit http://www.FormFree.com.

About Data Facts, Inc.

Since 1989, Data Facts, Inc. has provided clients with information they trust and rely on to make sound lending and hiring decisions. Their full suite of products-from lending products to pre-employment screening solutions-assist customers in streamlining their lending and hiring processes. Data Facts provides their clients with both cutting edge, top of the line technology, and personalized support and service. Together, these are the building blocks of their client relationships.

They are NAPBS accredited, SOC 1 and 2 certified, and are active board members of the NCRA. You are invited to experience the Data Facts Difference.

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Susan McCullah
@dflending
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