WALNUT CREEK, Calif., Jan. 29, 2016 (GLOBE NEWSWIRE) -- Private Eyes, which provides income verifications for lenders and background checks for employers worldwide, will help its clients close loans faster and more securely through a strategic partnership with FormFree Holdings Corporation, the leading provider of automated asset verifications in the mortgage industry.
Private Eyes will be a reseller of FormFree’s AccountChek automated asset verification solution, the first, and only, patented verification of deposits and assets (VODA) solution accepted by the government-sponsored enterprises (GSEs). When borrowers apply for loans, AccountChek electronically verifies the borrower’s financial statements directly through the financial institution, without anyone having to produce paper copies of bank statements.
“FormFree stands alone as the only electronic asset verification provider capable of verifying a borrower’s financial story in minutes,” said Sandra James, CEO of Private Eyes. “Our partnership with FormFree will help our clients achieve enormous advantages in savings and efficiency. We look forward to a long and successful partnership.”
“Automated verifications are revolutionizing the mortgage industry, and lenders that aren’t using them are being increasingly exposed to unnecessary costs and borrower misbehaviors,” said Brent Chandler, Founder and CEO of FormFree. “We’re delighted to partner with Private Eyes to help lenders stay compliant with recent federal ATR rules while doing their jobs faster, easier and more profitably.”
AccountChek eliminates paper bank statements; it significantly reduces buyback exposure and mortgage scams while saving money. “Lenders that cling to paper-based processes, such as accepting scanned bank statements from borrowers, are totally exposed to one of the biggest loopholes for mortgage fraud,” Chandler said. “On the other hand, fake bank statements are impossible with AccountChek because we get our data straight from the source—the banks. There’s no paper.”
Private Eyes provides background checks on employees for companies across the country as well as income and asset verifications to lenders. The company’s 4506-Transcripts service provides mortgage lenders and banks with income verifications, providing services within an average of 2-4 days.
About Private Eyes
Founded in 1999, Private Eyes is a leading provider of comprehensive pre-employment screening and background check services for businesses seeking to reduce their liability risk in their hiring procedures. The company also supports banks, mortgage brokers, and legal firms with processing income verifications with the form 4506-T from the Internal Revenue Service through 4506-Transcripts.com. The company is an authorized bulk vendor of the IRS, allowing it to process thousands of requests per week for past tax returns, W-2s, and 1099s. The company is headquartered in Walnut Creek, California. For more information about Private Eyes and the services offered, go to www.privateeyesbackgroundchecks.com and www.4506-Transcripts.com.
CONTACT: Hannah Artis Supply Chain Strategy Hannah@privateeyesinc.com 925-927-3333
Source:Private Eyes, Inc.