Express Lane Approval


Eyal Tropen - Sr. Loan Officer

NMLS # 874253

Express Lane Approval is our new streamlined loan approval process.

Through our strong partnership with FannieMae, we have been granted the ability to leverage the industry-leading technology within their Day-1-Certainty platform, while expanding its reach to additional programs, and adding our unique level of service to the borrower experience.

At its core, Express Lane Approval allows virtually all employment, income & asset validation to be completed electronically instead of by having you, our borrower gather & submit numerous documents...

An Underwriter will still have to review all information; however, when it is obtained electronically, the review time can be significantly reduced. All of this adds up to faster closings with less hassle on your part!

The following video and information can answer most of your questions about this process:

  

Q: 

HOW DO YOU VALIDATE MY INFORMATION?

A:

Your employment information is validated through one of two services, either The Work Number (TWN) or Partners Credit, our service provider for credit reports and other compliance checks throughout the loan process. Both service providers have been in use for years within the industry, providing fast, effective confirmation of employment.

Your assets will be verified using AccountChek®, another safe, secure, reliable service for confirming personal financial information.

AccountChek® does NOT give us access to your bank accounts or your account usernames and passwords!

It simply grants us view-only permission for a limited period of time, to see only the information we need to approve the loan… the same information we would be looking for on your bank statements...

AccountChek® is extremely user-friendly and your portion of the work can even be easily completed on a mobile device.

Q: WHY DOES MY LENDER NEED MY BANK STATEMENTS IN THE FIRST PLACE?

A:

To process your application and assess your ability to afford the payments required by your loan, your lender needs to verify what asset accounts you own and confirm their account balances. In addition, laws, regulations and underwriting guidelines require lenders to evaluate things like monthly cash flow, size and frequency of deposits and whether you have bounced any checks.

AccountChek quickly, automatically and accurately analyzes your account data and securely transmits the results in a digital report to the lender. This lets lenders make better and faster decisions, which can make credit cheaper and more available for consumers. 

Q: HOW MANY ACCOUNTS DO I HAVE TO SHARE WITH MY LENDER?

A:

That's up to you and your lender. At a minimum, your lender will ask you to share data from your primary checking account. If that account does not have enough funds or recent activity to qualify for the loan or other credit you requested, your lender may ask you to enroll additional accounts. 

Q: WHAT IF I DON'T SEE MY BANK LISTED ONCE I LOG IN TO ACCOUNTCHEK?

A:

Look for your bank in the drop-down menu located in the upper-right corner of the screen. If you do not see your financial institution listed, you can add a bank by choosing "Add New" from the drop-down list or by clicking the "Add New Bank" button found below the list of any banks you have already selected to enroll in AccountChek.
Type the name of your bank into the search field and choose from the list of possible matches to complete the enrollment process. If your bank does not appear in the search results, it may not be supported by AccountChek. In that case, contact your lender for instructions on how to proceed. 

Q: WHAT IF I SELECT THE WRONG BANK FROM THE LIST PROVIDED?

A:

If you selected the wrong bank from the list of possible matches and tried to enter your credentials anyway, you will see an error message. To re-select or re-enter the correct bank, press the "Add New" button and repeat the selection process described above. 

Q: WHY ARE MY BANKING CREDENTIALS NOT WORKING?

A:

There are a few possibilities. First, you may not have selected the correct bank or bank account. Use the "Add New Bank" option and make sure you enroll the right bank and banking product. Second, it's possible that you made a mistake while entering your credentials, or that you are not using the right ones. Try to enter your account through your bank's website. If you can log in on the bank's website but not through our online verification system, then this account product may not be supported by AccountChek. You can enroll a different bank or contact your lender for further instructions. 

Q: WHAT IF I DON'T HAVE ONLINE BANKING?

A:

Most banks offer an easy online banking enrollment process that only takes a few minutes to complete, so you may be able to visit your bank's website and enroll in their online banking service. Once you're enrolled, return to the AccountChek system and continue where you left off. 

Q: WHAT DO I DO IF I WAS LOGGED OUT BEFORE COMPLETING MY BANK ENROLLMENTS?

A:

If you were logged out or if your browser crashed before you finished, you can re-enter the AccountChek system using the link in the original email you got from your lender. If that doesn't work, contact your lender to request a new link. 

Q: WHAT COULD HAPPEN TO DELAY THE PROCESS?

A:

Although very rare, there are occasions where we start a loan using electronic validations yet at some point in the process, our automated underwriting system changes its determinations and we must revert to traditional verification methods. I do not anticipate this occurring, however, wanted to mention it in the unlikely chance it comes up.

Ultimately, an Underwriter has to review and approve the file just like any other loan. If any required components of your financial picture cannot be verified electronically, then it must be done manually. As much as possible, this will be handled without requiring you to provide additional documentation. If we’re still unable to complete the validation electronically, we will need your help in obtaining the missing piece(s) of information.

Q: WHO CAN SEE MY LOGIN CREDENTIALS?

A:

No one! Most of your account data, including your login credentials, is never accessible or visible to anyone - not even your lender or AccountChek employees. Protecting your privacy and the security of your accounts is our top priority. 

Q: IS IT SAFE TO PROVIDE MY PERSONAL INFORMATION ELECTRONICALLY?

A:

Some apprehension about providing electronic access to bank records and other asset documentation is understandable. However, these services are very similar to completing your taxes online. The service providers have all undergone extreme security vetting in order to participate in this program.

The alternative is to collect paper or PDF versions of your bank statements, pay stubs, tax returns, and other documents - which you would submit via secure email or my smartphone app. Review of paper/PDF versions, unfortunately, takes a lot longer and may pose a security risk if you accidentally email anything through an insecure channel.

For those who want more technical details:

  • For AccountChek: WE USE BANK-LEVEL SECURITY. AccountChek® undergoes rigorous third-party, investor and lender audits and maintains stringent security protocols and certifications, including SOC 2 and ISO/IEC 21002:2015.
  • Our hosting partner, Microsoft Azure, is SSAE 16, SOC 2 and Cloud Security Alliance CAI certified. All data is encrypted at rest and in transit, monitored in real-time and further secured behind firewalls and 2048-bit security keys.

Q: I WON’T HAVE TO PROVIDE ANY PAPERWORK?!? ISN’T THIS THE KIND OF LENDING THAT TANKED THE HOUSING MARKET BACK IN THE MID-2000S?

A:

On the surface, it may look that way. However, this time is a very different approach to reducing the need for paperwork...

Previously, borrowers didn’t have to provide documentation because of the loan programs that allowed loan approvals with NO evidence or validation of financial means to make the payments. This time around, we’re simply using electronic means to securely verify the information on your loan application. The loan programs are exactly the same as if you provided everything in one big stack of paperwork…we’re just modernizing the process to reduce paperwork and obtain the same information digitally.



Copyright © 2018. Eyal Tropen NMLS # 874253
Residential Mortgage Loan Originator Licensed in CA, OR, TX, WA

American Pacific Mortgage | NMLS #1850
625 4th Avenue, Kirkland, WA 98033 | NMLS # 1055557
Phone: 425-922-1055 | Fax: 855-549-8730 
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Master Builders Association