Roostify, a provider of automated real estate transaction technology, announced March 17 it will integrate AccountChek into its end-to-end, Web-based loan processing platform to automate the retrieval of digital bank statements and verification of deposits.
Digital reports generated by AccountChek, a digital solution for verification of deposits and assets (VODA), can be ordered and received through the Roostify platform and also exported to a lender’s loan origination system (LOS) of choice.
Created by FormFree Holdings Corp., AccountChek automates the verification of a borrower’s deposits and assets in the loan process by providing instant digital statements from more than 15,000 financial institutions. AccountChek delivers VODA reports in minutes through a secure Web and mobile portal, eliminating the need for borrowers to submit paper copies of bank statements and giving lenders a way to comply with new ability-to-pay rules created by the Consumer Financial Protection Bureau.
“Our goal is to provide all of the tools necessary to achieve a truly paperless loan, while maintaining total transparency between the lender and the borrower,” said Rajesh Bhat, chief executive officer of Roostify. “AccountChek offers an ideal alternative to uploading scanned paper bank statements, because in just a couple of minutes, it pulls digital bank statements and VODs directly from the financial institutions with the borrower’s permission. We feel this service is more streamlined for the borrower than traditional processes and offers much greater convenience.”
“The most common question we get asked in the mortgage industry is whether the borrower will want to submit their bank statements online. Not only do all of the market trends show that consumers expect a paperless process, you have the borrowers themselves starting companies like Roostify and FormFree to fix the issues they personally encountered while buying a home,” said Brent Chandler, founder and chief executive officer of FormFree. “Together, we will be creating levels of efficiency that are unmatched in the mortgage industry today.”