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Finastra and FormFree partner to streamline electronic borrower verification for mortgage lenders

By Joy Dumasia

August 22, 2022

  • Ability To Pay
  • ATP
  • Digital Lending

FinastraFinastra and FormFree, a market-leading FinTech company that enables lenders to understand people’s true ability to pay (ATP®), have partnered to further streamline electronic borrower verification for mortgage lenders. FormFree’s AccountChek will integrate directly into Finastra’s Mortgagebot solutions to facilitate an automated asset, income and employment verification process that paves the way for faster loan decisioning.

Brent Chandler, Founder and CEO at FormFree, said: “Partnering with Finastra has enabled us to further optimize the borrower verification process for AccountChek and Mortgagebot users. Notably, the integration makes it easier for lenders to support the government-sponsored enterprises’ verification initiatives that help expand access to homeownership and streamline processes without incurring additional risk. Combined, Finastra and FormFree’s technologies and shared vision for fair and inclusive access to home financing will help lenders deliver an elevated borrower experience.” 

Fusion Mortgagebot is Finastra’s end-to-end cloud-based lending platform that maximizes operational efficiency and mortgage opportunities for lenders. The integration of FormFree’s AccountChek delivers significant time savings with its streamlined verification process. Borrower permissioned asset, income and employment data is retrieved and formatted into underwriter-friendly reports, providing lenders with full transparency and direct-source data for better credit decisioning while reducing processing time and risk of fraud. 

Steve Hoke, Vice President, mortgage and origination at Finastra, said: “FormFree provided us with the perfect solution to help further streamline what is traditionally a very manual and labor-intensive task. For both lenders and borrowers, this added verification capability to our lending solution will have a significant impact on the loan cycle, creating a more efficient, secure and inclusive process.”

Recently, IBS Intelligence reported that Finastra announced that The Co-operative Bank had selected Finastra Kondor in the cloud, available via Microsoft Azure, to upgrade its treasury infrastructure and automate manual reporting and processes.

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