Strategic Alliance with FormFree will establish new “gold standard” for verifications services, improving loan decisioning timing in support of lenders and consumers
Equifax Inc. (NYSE: EFX) announced an alliance with FormFree, an automated asset verifications solution provider. Equifax and FormFree are exploring options for FormFree to provide asset verification services concurrently with Equifax’s provision of employment and income verification services.
“The alliance between Equifax and FormFree is supporting a revolution in the mortgage industry and raises the bar in terms of what lenders should expect as it relates to speed of the verifications process,” said Craig Crabtree, general manager of Equifax Mortgage Services. “In today’s mortgage marketplace, we are developing a gold standard with our efforts to provide a single platform for our customers to order asset employment and income verification services.”
Equifax and FormFree are discussing the development of integration points for lenders to access the asset, employment and income information. It is expected that Equifax will enable lenders to easily order this information through a web-based platform. The provision of asset, employment and income information may help eliminate the need for many borrowers to collect, copy and submit paper statements. Additional details regarding the alliance between FormFree and Equifax will be made available in the future.
“AccountChek pioneered automated verification of assets, much like Equifax did with employment and income verification. By eliminating paper from the process and providing a more intelligent analysis of a borrower’s ability to repay, we are ushering in a new era in lending,” said Brent Chandler, CEO and Founder of FormFree. “Direct-source data leads to greater purchase certainty — there’s no denying it. The combination of these two solutions is a signal to the industry that the next stage of the digital mortgage evolution is here.”
Source: Equifax Press Release