EVERYTHING
YOU NEED
TO KNOW

AccountChek® by FormFree® Resource Center

THE FIRST AND
MOST TRUSTED
AUTOMATED
ASSET
VERIFICATION
SERVICE

Fannie Mae Day 1 Certainty
A DAY 1 CERTAINTY TM ORIGINAL
Thanks to our partnership with Fannie Mae, assets validated through AccountChek using the Desktop Underwriter® (DU®) Validation Service get reps and warrants relief from Fannie Mae. FormFree was the first asset verification provider to be approved for Fannie Mae’s Day 1 Certainty™ initiative
HOW IT WORKS
AccountChek is the industry’s most trusted automated asset verification service. Preferred by major lenders, investors and financial institutions, it eliminates the hassle of collecting paper statements from borrowers by using data sourced directly from financial institutions to securely analyze and verify assets in minutes.

TRUSTED BY LEADING
FINANCIAL INSTITUTIONS

Our security procedures meet the high
standards used by banks and other
ultra-secure industry leaders. As a
result, submitting information through
AccountChek is significantly more
secure than emailing, faxing, or
mailing copies of your borrower’s
bank statements.
We use bank-level security
We are a read-only product
We keep consumer data private
24/7 security monitoring

THE BAD NEWS

Total production expenses per loan are a whopping $8,060 (1), and it takes an average
of 44 days to close a loan (2).That’s more than $183 per day, per loan.

THE GOOD NEWS

With AccountChek, there’s no more waiting
on deposits to clear, or new statement
cycles to begin. Plus, assets verified
through AccountChek using the Desktop
Underwriter® (DU®) Validation Service
are automatically verified by Fannie Mae
as part of the Day 1 Certainty™ initiative.
Validated assets do not need to be reverified,
saving time and Quality Control costs
As a result, lenders can:
Reduce time to close by up to 20 days
Save more than $3,600 per loan file — and millions of dollars annually
Shave up to 90 minutes off processing time and up to 30 minutes off underwriting time (3)
1 Source: Mortgage Bankers Association Annual Mortgage Bankers Performance Report, 2017
2 Source: Ellie Mae Origination Insights Report, October 2017
3 Source: Fannie Mae, 2017

BEST
PRACTICES

New technology requires new behaviors. Here’s how to
make the most of your investment in AccountChek®.

73% OF CONSUMERS
WANT SOME SORT
OF AUTOMATION

1.
GO ALL IN
Lenders report the best results when they make AccountChek automated asset verification the norm, not the exception. As human beings, we all have a natural tendency to resist change — even a change as simple and beneficial as AccountChek. That’s why lenders who make AccountChek part of their standard operating procedures and set clear objectives for its adoption save the most time and money.
Loan officers who are worried about borrower resistance shouldn’t be. Research shows that consumers are increasingly eager for automation in the lending process. For example, a recent survey1 found that 73% of consumers want at least some automation in their mortgage process, and 76% are open to the idea of securely sharing their login credentials to automatically pull data.
Encouraging the use of AccountChek helps meet borrower expectations for a more modern lending experience, increasing borrower satisfaction. Online and mobile banking have become trusted tools in the hands of consumers, making automation familiar and even expected.
1 Mortgage Cadence with Accenture, 2017

EASILY INTEGRATES
INTO YOUR POS AND
LOS SYSTEMS

2.
INTEGRATE ACCOUNTCHEK INTO YOUR WORKFLOW
AccountChek is available as a stand-alone service (through our Verifier Dashboard) and is integrated in most of the industry’s leading point-of-sale (POS) and loan origination software (LOS) technologies. Lenders that take advantage of AccountChek’s integrations report higher loan officer and borrower adoption and satisfaction, as well as more dramatic savings.

LOAN OFFICERS CAN
LEARN EVERY THING
IN JUST 30 MINUTES

3.
MAKE LOAN OFFICERS YOUR FRONT LINE
We give loan officers the tools and training they need to use AccountChek effectively and recommend it with confidence. In fact, AccountChek
is so intuitive to use that loan officers can learn everything they need to know in a 30 minute training session or by reviewing a few slides.
Once loan officers trust and prefer AccountChek, so will their borrowers. Our 30-second script makes it easy for loan officers to introduce borrowers
to simple, smart, and secure asset verification from AccountChek.

WE HAVE YOU COVERED
WHEN IT COMES TO
ANY QUESTIONS

4.
ANTICIPATE BORROWER QUESTIONS
With AccountChek, borrowers can verify assets and deposits from any device in minutes, avoiding the frustration of chasing down statements. We recommend that loan officers give each borrower a copy of the AccountChek Overview for Borrowers. This one-page document explains how AccountChek works and describes our top-of-the-line security protocols. A comprehensive Borrower FAQ is available for borrowers with more detailed questions.

WHITE-LABEL
ACCOUNTCHEK

5.
MAKE IT YOUR OWN
Our optional white-labeling service makes AccountChek a seamless part of the branded experience your customers know and trust

VERIFIER FAQ

Q: WHAT IS ACCOUNTCHEK®?

A:

AccountChek is an impartial, third-party service used by lenders to automatically retrieve financial asset data as part of a borrower’s application for a loan, line of credit or other financial service. Because AccountChek collects data directly from the borrower’s financial institution using state-of-the-art encryption and bank-level security measures, you can be sure that the data is accurate and secure.

AccountChek quickly, automatically and accurately analyzes borrower account data and securely transmits the results to the lender via the ReissueKeyTM. This lets lenders make better and faster decisions, which can make credit less expensive and more available to consumers.


Q: HOW SECURE IS THE ACCOUNTCHEK SERVICE?

A:

Security and accuracy are our top priorities. AccountChek security procedures meet the high standards of security used by banks and other ultra-secure institutions, and our security systems undergo rigorous audits and certifications from the nation’s largest investors and lenders.

Submitting information through AccountChek is significantly more secure than having borrowers email, fax or mail copies of their bank statements.


Q: WHAT IS THE “REFRESH PERIOD”?

A:

The refresh period determines how long an AccountChek order remains open. The verifier (i.e., the loan officer or loan processor) may choose a 30-, 60- or 90-day refresh period at the time the order is placed. The refresh period cannot be modified once an order is placed. The order opens, and the refresh period begins, as soon as the borrower successfully authorizes AccountChek’s access. The order closes automatically at the end of the refresh period, unless the verifier manually closes the order sooner using the Verifier Dashboard.

Submitting information through AccountChek is significantly more secure than having borrowers email, fax or mail copies of their bank statements.


During the refresh period, the verifier may:

  • Request an updated asset report (this does not require additional borrower involvement or permission)

  • Add additional accounts or banks to the order (this requires the borrower to log in to AccountChek and select “Add Another Account”)

  • Select which accounts to include in the report


NOTE: The range of data obtained by AccountChek may vary from the requested period depending on what data is made available by the financial institution at the time the order is executed.

Q: WHAT DOES AN “ALERT” STATUS MEAN?

A:

An alert status indicates an issue connecting to the borrower’s financial institution(s) (“FI”). Things that can cause an alert include:


  • The borrower’s credentials were not accepted by the FI. This can happen if the borrower selected the correct FI but entered the wrong credentials. It can also happen if the borrower selected the wrong FI. In either case, the borrower will be informed of the steps needed to correct the problem.

  • The connection to the financial institution is undergoing repairs. Most connection issues are cleared within 24 hours, so the borrower should be able to proceed at a later time. If a subsequent attempt results in an alert, the borrower should contact customer support for further assistance.

Q: WHY DOES THE “60-DAY AVERAGE BALANCE” SHOW N/A?

A:

There are two reasons the system may fail to calculate a 60-day average balance:


  • For AccountChek to calculate a 60-day average balance, the system must have at least 60 days of transaction history. If the lender ordered only 30 days of history, the 60-day average balance cannot be calculated.

  • A financial institution may return less than 60 days’ worth of transaction history. This can indicate that the account was newly opened or that the bank’s systems do not have the historical data available. In either case, the 60-day average cannot be calculated.

Q: WHAT DOES A “PENDING” STATUS MEAN?

A:

A pending status means the borrower has started the AccountChek authorization process but has not completed all the required steps. Once the borrower has authorized account access, he or she must click the “Finish” button to allow the system to generate the report.


Q: HOW DO I KNOW IF A BANK IS ON THE ACCOUNTCHEK SYSTEM?

A:

Select the “FI Search” button next to the “List Orders” button. Type in the name (or part of the name) of the financial Institution you are looking for. The system will return a list of supported institutions that match your search term. If the bank is listed, then it is supported. Banks may have different online banking websites for different account types. Please make sure the site for your borrower’s specific account is listed.


Q: HOW CAN I REQUEST ADDITIONAL ACCOUNTS FOR VERIFICATION?

A:

If the order is open, the borrower can log back in to AccountChek and add another financial institution. If the borrower has deleted the invitation email, you can reissue it by clicking “Resend.”

You may also deliver the AccountChek BORROWER LOGIN by copying it and sending it directly to the borrower.


Q: IF I USE ACCOUNTCHEK, DO I STILL NEED TO SUBMIT PAPER STATEMENTS?

A:

No. The AccountChek Verification of Asset Report is accepted by the GSEs and other investors as a substitute for the 1006. Please check with your investor(s) to determine whether it accepts the AccountChek VOA in place of paper statements.


Q: WHERE IS MY VERIFICATION OF DEPOSIT?

A:

The Verification of Deposit report is for depository institutions only. An investment institution (ex. Fidelity, TD Ameritrade, etc.) is not a depository institution, and therefore no VOD will be created. The Verification of Asset Report contains all the necessary information for these accounts and is accepted by the GSEs as a substitute for the 1006.


Visit FormFree.com for more information.

Or contact us at customersuccess@formfree.com or 855-511-6354

Copyright© 2017 FormFree Holdings Corporation. All rights reserved. AccountChek® and the AccountChek logo are registered trademarks of FormFree Holdings Corporation.