DEPLOYED TO PRODUCTION June 23, 2020

AccountChek Plus report

Summary

FormFree released the AccountChek Plus report on June 23, 2020. The new AccountChek Plus report is one report with three verifications: asset, income, and employment – all driven from secure, consumer-permissioned access to the borrower’s bank account data. [Download a sample AccountChek Plus report at the bottom of this page.]

No new actions are required from the borrower or lender to capture AccountChek Plus data; the new report is generated from the existing AccountChek Verification of Asset (VOA) process. Currently, the VOA portion of this report is eligible for rep and warrant relief through the Fannie Mae Day 1 Certainty's Desktop Underwriter(r) (DU) Validation Service (DVS) and Freddie Mac Loan Product Advisor (r) Asset Income Modeler (AIM) programs. 

What to Expect in the AccountChek Plus report

The new AccountChek Plus report includes analysis of income and employment, a high-level asset summary, and the full VOA. There is one AccountChek Plus report per borrower. The VOA portion of the report remains unchanged; the VOA portion is eligible for rep and warrant relief through the Fannie Mae D1C and Freddie Mac AIM programs.

There are 6 main sections in the AccountChek Plus report, all delivered to the lender in one PDF file:

1. Header: Borrower name, loan number, and report information. The AccountChek Plus Report ID matches the Report ID on the VOA report.
2. Asset Summary: Sum of current and available balances across all FIs and accounts connected, as well as 30, 60, and 90-day averages.
3. Employment Data:
   1. DD Employer Name = Employer name(s) extracted from the direct deposit transaction descriptions within the borrower’s connected bank accounts.
   2. Public Data Employer Name = The corroborating business name returned when the DD Employer Name is correlated against multiple databases from LexisNexis and other providers.
   3. Confidence Score = This indicates the likelihood that the Public Data employer name matches the actual employer of the borrower. A score of HIGH indicates with high certainty that the employers match. A score of MEDIUM indicates some correlation that would require additional data – such as a traditional VOE – is needed to verify the employer. A score of N/A indicates that no matching employer was found.
4. Income Data:
   1. DD Employer Name = Employer name(s) extracted from the direct deposit transaction descriptions within the borrower’s connected bank accounts.
   2. Most Recent Deposit Date = Most recent direct deposit date associated with each employer found.
   3. Most Recent Deposit Net = Most recent direct deposit date net amount associated with each employer found.
   4. Pay frequency = The recurrence of pay for each employer found (weekly, monthly, etc.)
5. Deposit Streams: 
   1. For each direct deposit stream, lists the account owner name, total number of deposits found, oldest direct deposit date, and pay frequency.
   2. Lists the date, account, description, and amount of each direct deposit transaction.
6. Standard AccountChek VOA report: The VOA report follows the new AccountChek Plus portion and is included in the same PDF file.

The AccountChek Plus report includes the VOA report and is delivered in the same PDF file as the VOA:

The standard VOA report is unchanged.  Please note: Lenders whose asset data is validated through AccountChek Day 1 Certainty® from Fannie Mae and Freddie Mac's Loan Product Advisor Asset-Income-Modeler (AIM) may receive rep and warrant relief.  Income and employment are not eligible. 

How to Gain Access to AccountChek Plus

For lenders already receiving the AccountChek VOA report, a simple configuration change on the FormFree side will turn on instant access to the AccountChek Plus report. No additional integration or technical changes are required from the lender. 

Please contact your FormFree account rep or customersuccess@formfree.com to sign up for AccountChek Plus and discuss any contract or pricing details.

FormFree account representatives:

Christy Moss cmoss@formfree.com

Gregg Palmer gpalmer@formfree.com

Shawn Crawford scrawford@formfree.com

Laura Graben lgraben@formfree.com