Lending

George Mason Mortgage Selects AccountChek from FormFree to Streamline Verification of Borrower Assets, Income and Employment

ATHENS, Ga., March 24, 2022 /PRNewswire/ — FormFree® today announced that washington d.c.-based George Mason Mortgage (GMM) selected AccountChek® as the regional lender’s exclusive provider of automated asset, income and employment verification services. GMM will use AccountChek to simplify the loan application experience for borrowers, improve productivity for its team of 120 mortgage loan officers and reduce loan cycle times.

How it works

Seamless integration between FormFree and GMM’s mortgage POS software allows lending teams to easily order AccountChek Asset Verification (VOA) and Income/Employment Verification (VOIE) reports with just a few clicks. Instead of manually collecting bank statements and payslips and submitting them to GMM, loan seekers can use AccountChek to digitally verify assets, income and employment in seconds using data and high-fidelity documents sourced directly from financial institutions and payroll providers. The information collected by AccountChek is then automatically mapped to the Form 1003 Universal Residential Loan Application in GMM’s loan origination software, eliminating the time and risk associated with manual data entry.

Because FormFree is an authorized provider of Asset Verification Reports for Fannie Mae’s Desktop Underwriter® (DU®) Validation Service and Freddie Mac’s Loan Product Advisor® (LPA)SM) asset and income modeling (AIM) solution, GMM enjoys freedom of representation and collateral for certain validated loan components, resulting in greater certainty when selling loans in the secondary market .

First results

Since deploying AccountChek enterprise-wide earlier this year, GMM has seen an eight-fold increase in orders for automated VOA and VOE. According to Margie Ambrosio, Senior Vice President of Information Systems, AccountChek helps the lender provide a better borrower experience and reduce the time it takes for loans to go from application to closing and purchase by Investors.

“Our borrowers wanted an easier way to document their ability to pay,” said Margie Ambrosio, GMM’s senior vice president of information systems. “AccountChek combines verification of assets, income and employment into one easy step for borrowers and gives us an out-of-the-box report that can be updated at any time between initial application and closing. Eliminating repetitive requests for paper documents is already improving the efficiency of our loan origination process, reducing costs per loan and streamlining vendor due diligence, not to mention our customer satisfaction.”

A wholly-owned subsidiary of United Bank, George Mason Mortgage is licensed to serve mortgage customers through United States and maintains retail branches in 12 states plus the District of Colombia.

About FormFree®

As the industry’s go-to provider for direct-source VOA and VOI/E data, FormFree helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open the doors to a more inclusive credit decision by revealing each customer’s true ability to pay (ATP®). We have completed over $3 trillion in loan verifications that help lenders reduce operating costs while improving the borrower experience. For more information, visit https://www.formfree.com/ Where follow FormFree on LinkedIn.

About George Mason Mortgage, LLC

Situated at Fairfax, Virginia, George Mason Mortgage was founded in 1980 and is a wholly owned subsidiary of United Bank. We have consistently been ranked as one of the top lenders in the Mid-Atlantic region and have expanded into various markets with retail offices nationwide. Virginia, washington d.c., Maryland, North Carolina and Caroline from the south. We understand the importance of home ownership and are fortunate to have a superior team of in-house underwriters, processors and closers to provide you with the kind of efficient, personalized service you can only get from a local lender. Our goal is to provide simple, comprehensive solutions that meet the individual needs of our borrowers. For more information, visit https://www.gmmllc.com/.

Twitter: @RealFormFree @gmmllc #mortgage #mortgageindustry #fintech #digitalmortgage

This press release was published by Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com

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