Product Overview

Asset verification may be critical for mortgage lenders  in order to evaluate whether applicants / borrowers have the reserve cash requirements to close on their mortgage loan.  Often times, lenders receive incomplete and/or inaccurate data sets that fall short of critical GSE underwriting requirements.  Data that is not accurate and is out of date can also be an issue when the traditional paper-based process is used - potentially leading to buy-backs, delays and rework.

Asset Verification provided by AccountChek™

Equifax can offer Asset Verification through AccountChek, to help eliminate paper statements in favor of direct-source data that helps to produce more confident loan documentation.  Through an electronic system that helps save lenders and borrowers time and aids in fraud mitigation, AccountChek allows lenders to order financial data about a borrower via a web-based platform - eliminating the need for borrowers to collect, copy and submit paper statements.  This automation utilizes unique algorithms and artificial intelligence to generate a verification of asset report in just minutes.  The system collects data directly from the financial institution and provides asset verification designed to be integrated with GSEs and accepted by leading investors.  Borrowers must give express permission for their account data to be shared with the lender for asset verification purposes and can select the exact accounts they want (or don't want) to share.

Key Benefits

  • Eligible for participation in the Fannie Mae DU validation service for Day 1 Certainty™
  • Helps mitigate potential asset fraud
  • Provides an enhanced borrower experience
  • Helps streamline underwriting processes
  • Provides data directly from the source
  • Reports on other accounts – not just checking and savings