Guaranteed Rate and FormFree announced Tuesday that Guaranteed Rate is now closing mortgages between five and 10 days faster than its previous average thanks to the company’s adoption of FormFree’s AccountChek automated asset verification system.
Through the partnership, Guaranteed Rate clients can securely link to their banking, retirement and investment accounts and share the asset and deposit data needed to qualify for a loan.
That process saves the borrower some time on the front end, but the big benefit comes in shortening the closing time for a loan, according to Nikolaos Athanasiou, chief operating officer at Guaranteed Rate.
“AccountChek saves borrowers the extra 20 minutes it takes to collect and upload paper statements, but it also does much more than that — it streamlines the entire loan process,” Athanasiou said.
“No matter what financial institutions a borrower uses, we receive one standardized asset report in the GSE-required format,” Athanasiou added.
“This speeds up our underwriting review and gives us greater confidence in our ability to sell the loan,” Athanasiou continued. “As a result, we’re moving borrowers from application to closing on average five to 10 days faster.”