Who is AccountChek®?
IR Informative Research, a Stewart company, is a leading technology platform that delivers data-driven solutions to the lending community. The solutions provider currently serves over 3,000 mortgage companies, banks and lenders throughout the United States. For over 12 years, AccountChek has helped borrowers skip the paper chase when qualifying for a loan. Borrowers send their direct-source financial data straight to lenders in an underwriter-friendly format that reduces delays, manual errors and fraud risk. Real-time insight into borrowers’ assets, income and employment enables better credit decisioning and speeds time to close while improving the borrower experience.
https://www.informativeresearch.com/accountchek/
Integration type: Verification of Assets
What will the Floify—AccountChek™ Integration support?
Once integrated with Floify, AccountChek® can be configured to automatically trigger a request upon the conversion of a prospect into a loan flow, ordered manually on a one-off basis from the corresponding loan flow, or requested directly in your personalized application. Follow the steps that best match your workflow.
Once an AccountChek® request is initiated, borrowers will be asked to select their financial institution and enter their login credentials. The full report will then be seamlessly delivered to the loan flow.
Floify and AccountChek® have also partnered to empower consumers from underserved communities to become homeowners. Using AccountChek®, you can automatically scan 12 months of borrower bank statements for consistent rental payments, then auto-sync that data to AUS for more favorable decisions. This is a critical step toward diversity in the mortgage industry.
How to Set Up and Use
Once integrated with Floify, AccountChek® can be configured to automatically trigger a request upon the conversion of a prospect into a loan flow, ordered manually on a one-off basis from the corresponding loan flow, or requested directly in your personalized application. Follow the steps that best match your workflow.
From the team pipeline, choose the team name in the upper right-hand corner and select the option to navigate to the Company Dashboard:
Navigate to Company Settings and select the Integrations tab:
Scroll down to AccountChek® Integration and select the option to Edit AccountChek Integration:
Select the option to enable and enter your credentials. Additionally, you can select the minimum days of historic bank statement transactions to pull and minimum account monitoring refresh period. Make sure you Save to confirm the changes:
Navigate to Home and switch back into the user's account:
From the team pipeline, navigate to Settings and select the Integrations tab:
Scroll down to the AccountChek Integration and select the option to Edit AccountChek Integration:
Select the option to Enable AccountChek for your team. You can then choose whether you'd like to use the existing company AccountChek account or login in to your own account. Make sure you select Save to confirm the changes:
Note: This option does need to be enabled on the company level by a company admin.
Navigate to Settings > Template Docs:
Scroll down to Template Documents and select the option to Add Bank Accounts Request:
Create a request by entering the appropriate details. Make sure you select Submit to confirm the changes:
Note: You will need to create two separate requests, one for the borrower and one for the co-borrower, to ensure you can request this for both.
Success! The AccountChek integration is ready to go for manual requests. If you'd like to trigger reports automatically, you can find instructions here: Enable VOA Automatic Request.
A request for Bank Account Information is then sent as a request to your borrower. Your borrower will login to their portal, find the AccountChek Request and click the up arrow, like any other standard document upload. The borrower will select which process to proceed uploading their account information.
The Online Banking solution allows the borrower to search for their bank, input their login credentials, and automatically upload account statements. To find your bank, use the search tool or scroll through the list, and then follow the prompts (which are specific to each bank).
Once completed, the account information is uploaded directly into the 'Docs Accepted' bucket.
These steps will take you through the process of installing AccountChek™ for an automatic Verification of Assets request in your application.
Navigate to the AccountChek™ integration via the Integrations tab in your team Settings.
Connect to AccountChek™.
Navigate to the Apply Now General Settings via the Apply Now tab in your team Settings.
Enable Verification of Assets via AccountChek™. Set the Days of Historic Bank Statement Transaction to Pull, Account Monitoring Refresh Period, and AccountChek Report Type
Note: This is how to set up the automatic scan for 12 months of borrower bank statements including consistent rental payments, which can be used in Floify's Dual AUS. See more about our AUS offerings here:
In the Checking/Savings Account section of your application, your borrower will now be able to utilize the Online Banking solution and connect their bank account to automatically upload their bank statements to the 1003 application.
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