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SOURCE Veri-Tax, LLC
Veri-Tax's new Verification of Accounts (VOA) solution delivers borrower data from thousands of financial institutions electronically
IRVINE, Calif. and ATHENS, Ga., Oct. 29, 2013 /PRNewswire/ -- Veri-Tax, LLC, the leading provider of verification services to the mortgage and credit industries, has formed a strategic partnership with FORMFREE, a technology provider that specializes in helping financial institutions determine the ability of their customers to pay back loans, to create Veri-Tax's new automated Verification of Accounts (VOA) solution. Veri-Tax's VOA verifies a borrower's assets and deposits by electronically retrieving account data from thousands of financial institutions, resulting in reduced turnaround times associated with typical paper-based verification processes. The timing of this release will significantly help lenders comply with new Consumer Financial Protection Bureau's ability-to-repay requirements set to take effect in January 2014.
When applying for a loan, a borrower typically submits paper bank statements to show they meet the asset threshold to qualify for the loan, or the lender performs a manual asset and liability verification. With these methods, the lender only receives a one-time snapshot of the borrower's account activity. Veri-Tax's VOA solution does much more by leveraging FORMFREE's ACCOUNTCHEK, the mortgage industry's only automated verification of deposit and asset (VODA) solution for demonstrating a borrower's ability to pay back loans. VOA empowers Veri-Tax customers to gain online access to a borrower's bank accounts and receive real-time, accurate data about the borrower's financial profile. VOA also flags any unusual account activity and allows the lender to continuously monitor a borrower's accounts for 30, 60, or 90 days, re-verifying the borrower's ability-to-repay right before a loan closes.
"The industry is beginning to realize that verified data, collected directly from the source, objectively analyzed and presented in a standardized format, keeps fraud and errors out of the loan package and raises the standard for quality," said Brent Chandler, CEO of FORMFREE. "By automating time-consuming manual processes and underwriting reviews, ACCOUNTCHEK – and now Veri-Tax's VOA – will help lenders meet the new compliance rules coming next year."
"We are excited to introduce an automated VOA product to the market given the inefficiencies of the current manual asset verification process, which is not only time consuming, but also prone to error and fraud. This added solution compliments our current ability-to-pay verification suite, which allows our customers to focus on what they are good at, closing loans faster with the least amount of risk possible," said Maria Kirgan, senior director of product management for Veri-Tax.
FORMFREE was recently awarded the 2013 Mortgage Technology Fix-It Award for its advancement of fraud prevention and pioneering digital replacements to paper-based processes.
Founded in 1998, Veri-Tax, LLC provides a full array of verification and ability-to-pay solutions to the mortgage, lending and consumer credit industries, helping financial institutions more quickly and securely verify a borrower's income, identity, employment and accounts. Veri-Tax, along with its subsidiary, Verification Bureau, provides 4506-T income verifications, Social Security Number verifications, verifications of employment and verification of accounts. The company is based in Irvine, California. For more information, call 1-800-969-5100 or visit www.Veri-Tax.com.
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. FORMFREE has partnered with industry-leading credit and financial service providers to collect, certify and analyze data and help customers make better lending decisions. Their flagship product is ACCOUNTCHEK, an automated verification of deposits and assets solution. The company was founded in 2008 and is based in Athens, Georgia. For more information, visit www.FORMFREE.com.
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