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How Does Asset Verification From AccountChek™ by FormFree Work?

accountchek automated asset verification

Since we announced our partnership with AccountChek™ by FormFree, many people have asked us, "how does AccountChek™ asset verification actually work?" Fortunately, the secure, direct-source verification process is simple and straightforward to use for both lenders and borrowers.

What steps do the lender and borrower have to take?

As a lender, there are only a few steps that you will need to take from your end to initiate the AccountChek™ asset verification process. First, you will need some basic information about your borrower and their account(s): borrower name, social security number, financial institution, account number, and account type (checking/savings).

Once you've got the relevant information, ordering an asset report for your borrower is as simple as entering in the those details for each account that you would like to verify the information for. The steps below to order an asset verification report are all able to be done within the Floify portal as part of our integration. Simply find the loan flow, add a new doc, and choose the AccountChek™ document request.

  • Lender creates a new AccountChek™ order by inputting the borrower's personal and account information, and choosing which account(s) to run the report on.
  • Lender chooses the refresh period (30, 60, or 90 days where a new report can be requested with updated information).
  • Lender chooses how far back the report should go (30, 60, 90 days) and submits the order.
  • Borrower receives email alerting them to the asset verification request, logs into AccountChek™ with their social security number, and authorizes the verification process by entering their banking credentials.
  • A report is generated and delivered to the lender, typically within 5 minutes.

How does AccountChek™ by FormFree generate the report?

Now that you've done your job, and the borrower has authorized AccountChek™ to do its job... what happens next?​ The system utilizes direct-source connections and bank-grade security to reach out to financial institutions directly and get the borrower's data.

Algorithmic analysis identifies deposits, cash flow, NSFs, and more, and formats them into a report that has been vetted and accepted by the GSEs. Fannie Mae recently announced AccountChek™ by FormFree as the first designated asset verification vendor for the Day 1 Certainty program.

As far as security is concerned, AccountChek™ by FormFree utilizes the most up-to-date technology available. Your borrower's personally identifiable information is never seen or accessed by humans, all data is encrypted using Transport Layer Security (TLS) during transmission and sits in a secure cyber vault while at rest. After the order is fulfilled, your borrowers information is purged from the system.

automated asset verification accountchek formfree

Rest assured, your borrowers' personal and account information is secure, and you've got the most accurate and up-to-date information possible to give to your underwriters.

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