An automated verification solutions provider that’s flourishing in the mortgage space now is bringing its technology into auto finance.
Start-up company TurboPass, which is powered by FormFree, says its tool can eliminate the hassle and risk associated with traditional asset and net income verification. Instead of requiring potential vehicle buyers to submit paper or electronic bank statements, TurboPass can use augmented intelligence to analyze data sources directly from financial institutions. In seconds, TurboPass can generate a digital report that fulfills finance companies’ need for copies of PDF or paper bank statements.
The engine for the solution is provided by FormFree and its flagship technology, AccountChek. The provider claims AccountChek is the first and only patented automated verification of assets and deposits (VODA) solution for mortgage lenders that is accepted by government-sponsored enterprises (GSEs). Winner of the 2013 Mortgage Technology Fix-It Award and used by more than 200 mortgage lenders, AccountChek can collect data directly from virtually any financial institution and generates reports in just minutes, creating enormous time savings in the mortgage origination process while eliminating the need for borrowers to submit paper bank statements.
“Very few technology companies have the potential to change an entire industry. FormFree is one of them,” said Brent Chandler, founder and chief executive officer of FormFree. “When coupled with other proven products, AccountChek is a much broader tool than income verification because of the extraordinary wealth of asset and income data that it collects, analyzes and delivers. Most importantly, it virtually eliminates the potential for fraud in the borrower approval process. I’m a big believer in FormFree’s mission to make lending a faster, safer and more confident experience for everybody.”
And with fraud becoming for a problem in auto financing, TurboPass highlighted the ways it can deliver a compliant report:
• Tap more than 15,000 data sources and complete millions of API data calls daily.
• Use augmented intelligence and data analytics — including more than 1,000 proprietary algorithms — to maximize data accuracy.
• Seventy-four percent of data comes directly from financial institutions.
• Present unstandardized data from thousands of financial institutions in one standardized format for partners’ ease of consumption.
• Both FormFree and its aggregator routinely perform automated and manual data quality checks.
• Support all asset account types, including retirement, savings and checking.
Company leaders insisted that submitting information through TurboPass is significantly more secure than emailing, faxing or mailing sensitive financial documents because of these reasons:
• Undergo rigorous lender, investor and third-party audits as well as annual penetration and vulnerability testing.
• Maintain SOC 2 and ISO/IEC 21002:2015 security certifications.
• Hosting partner, Microsoft Azure, is SSAE 16, SOC 2 and Cloud Security Alliance CAI certified.
• Data used is encrypted at rest and in transit, monitored in real-time and secured behind firewalls and 2048-bit security keys.
• Segregate asset data and borrower credentials in separate systems protected by both hardware and software encryption and ensure credentials are never visible to, or accessible by, any human.
• Only pull asset data with express consumer permission.
“You can rely on us for regulatory compliance,” TurboPass said. “Our ‘open door’ audit policy allows partners to conduct virtual and on-site audits as needed.”
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