Mortgagetech innovator PromonTech will integrate its point of sale solution Borrower Wallet into AccountChek, the automated asset verification service run by FormFree. Demonstrated live at FinovateFall last year, Borrower Wallet is a shared workspace for mortgage applicants and loan officers that enables them to work collaboratively during the entire lending process. The solution provides a welcoming, digital environment for prospective borrowers, while enabling lenders to close more compliant loans faster by helping improve applicant data quality.
“PromonTech is committed to providing a trusted solution that educates applicants and improves process transparency while also reducing time, cost and risk for lenders,” company CTO Michael Kolbrener said, “Our integration with FormFree furthers both of these goals: it streamlines the borrower experience and delivers accurate asset information, directly from financial institutions.”
AccountCheck leverages augmented intelligence and more than 1,000 proprietary algorithms to provide digital verification of assets, income, and employment. The solution shortens time to close by up to 20 days and has processed more than a million orders for lenders since inception. The technology is also the first asset verification solution accepted by Fannie Mae’s Day 1 Certainty program. With this integration, Borrower Wallet customers will gain Day 1 Certainty in addition to streamlined asset verification and credit decisioning.
“FormFree was designed to streamline the loan origination process and reduce risk by providing better insight into borrowers’ ability to pay,” founder and CEO of FormFree Brent Chandler said in a statement. “Our integration with Borrower Wallet enables PromonTech to instantly complete three verifications – asset, income and employment – in one action that is simple for applicants and more efficient for lenders.”
Part of the Promontory MortgagePath family, PromonTech has had a busy 2018. In March, the company added a number of top executives, including a new chief compliance officer, chief operating officer, and chief product officer. Also this spring, Promontech announced a partnership with Corelogic, which integrated its Instant Merge Credit Reports into PromonTech’s Borrower Wallet.
A member of the HW Tech 100 for 2018 and winner of the Progress in Lending Association’s Innovations Award, PromonTech also partnered with ISGN in May to become the sole POS solution for the company’s MORVision Loan Origination System. Earlier this month, PromonTech’s Chief Business Architect, Susan Tobin, was recognized by HousingWire in its 2018 Women of Influence feature.