New Product: Verification of Deposit / Asset Verification
CISCO Credit delivers Automated Asset Verification to completely replace the need to collect banking & brokerage statements Securely automate financial verification for all applicants. Automated Asset Verification stops fraud, eliminates manual processing, delivers account monitoring & account history options, and is accepted by Fannie Mae, Freddie Mac and nearly all investors, nationwide.
CISCO Credit is supporting Fannie Mae’s Day One Certainty™ by offering Verification of Deposits and Assets with AccountChek™ and The Work Number Verification services for verification of employment and income services.
An average of 5 hours is spent, per loan, on asset document collection, review and verification and the same document is collected and reviewed multiple times during the loan process. This manual verification is slow, costly & riddled with hidden fraud! Direct source validation stops fraud & saves time.
CISCO has partnered with AccountChek™ delivering a secure, online, real-time, compliant process that is patented and accepted by government sponsored enterprises, lenders and investors to validate deposits and assets. AccountChek™ is used by multiple industries, including mortgage, credit card, automobile, rental, real estate and other businesses, to eliminate the hassle required to obtain complete copies of bank statements and third-party validate the information.
A simple 3-step process verifies data in minutes:
- Login & Authorize – the borrower receives a notification with their AccountChek™ login.
- Connect & Verify – borrower connects their financial institutions & authorizes accounts.
- Submit – Requestor is sent deposit/asset report.
The AccountChek™ platform is integrated with CISCO Credit. Verify deposits and assets from the same platform used for credit reports and other services. A complete statement and 1006 form are delivered for each account requested. Verify up to 10 accounts on a single request.