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FormFree’s AccountChek can now be used by mortgage lenders to satisfy Freddie Mac’s assessment of income requirement for loan applicants paid through ADP

ATHENS, Ga. -- FormFree® today announced that mortgage lenders can now use AccountChek® to automate income assessment using Freddie Mac Loan Product Advisor® (LPA℠) asset and income modeler (AIM) for borrowers who are paid through ADP.

AIM automates the assessment of borrower income using direct-source employer and payroll service data furnished by a Freddie Mac designated third-party service providers like FormFree. ADP is the first payroll provider eligible for automated verification of income (VOI) through AIM. AccountChek supports this expansion by enabling borrowers to authorize electronic verification of their ADP payroll data.

FormFree is a leading provider of consumer-permissioned verification of asset (VOA) and verification of income and employment (VOI/E) data to the mortgage industry. The company's flagship verification service, AccountChek, enables consumers to verify income and employment with more than 50 payroll providers and 100,000 employers. The company's extensive payroll partnerships enable AccountChek to furnish payroll data and W-2s that meet Freddie Mac selling requirements.

"FormFree applauds Freddie Mac for its continuous innovation that helps lenders execute a simpler, more efficient loan origination process," said FormFree Founder and CEO Brent Chandler. "Giving lenders the ability to automatically assess income dispersed by the world's largest payroll provider will extend the convenience of digital VOI to an expansive cohort of homebuyers. We look forward to supporting Freddie Mac as it adds more payroll providers to AIM."

"Automation of a mortgage applicant's income using payroll provider data has numerous benefits for our clients and their customers - it's really a win all around," said Kevin Kauffman, Single-Family Vice President of Client & Partner Delivery at Freddie Mac. "Our partnership with FormFree is helping our clients reduce costs through process efficiencies, which can lead to savings for their customers, and it also delivers better risk management in all economic cycles."

About FormFree®

As the industry's go-to provider for direct-source VOA and VOI/E data, FormFree helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open doors to more inclusive credit decisioning by revealing each customer's true ability to pay (ATP®). We have completed over $3 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience.

For more information, visit or follow FormFree on LinkedIn.

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This news story was published by the Neotrope® News Network - all rights reserved. ID:NEO2022

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FormFree’s Expanded Income and Employment Verification Covers 85% of Working Americans

ATHENS, Ga. -- FormFree® today announced its AccountChek® 3n1 (3n1) asset, employment and income verification service now covers 85% of U.S. workers whose employers utilize a payroll processing service, representing over 100 million wage earners.

As the pioneer of the mortgage industry's first truly automated verification of assets (VOA) solution complete with government-sponsored enterprise (GSE) rep and warrant relief, FormFree has enhanced income and employment verification for its 3,000-plus lender customers with direct-source data from 35 of the nation's largest payroll service providers.

3n1 addresses a critical need for lenders and GSEs to capture structured, direct-source data and original income documentation at a cost-effective price point. Direct-source payroll data provides a more current understanding of a borrower's ability to pay (ATP) and mitigates risks associated with human error and document fraud. With 3n1, FormFree enables lenders to deliver a world-class borrower experience and directly addresses key industry pain points by electronically furnishing lenders with high-fidelity income and employment data.

Said David Battany, EVP of capital markets for Guild Mortgage (NYSE: GHLD), "Instant employment and income verification supported by paystubs and W-2s is something we've been waiting for. We are committed to offering a best-in-class borrower experience. With innovative partners like FormFree by our side, we are confident we can achieve our goal of increasing financial inclusion." Guild Mortgage has worked with FormFree since participating in Fannie Mae's Day 1 Certainty® pilot in 2016.

"We are always looking for innovative solutions that make mortgages faster and easier for our borrowers and teams," said Trinity Oaks Mortgage President Michael Kuentz. "We've relied on FormFree's asset solution to streamline the loan process and cut down on time to close for several years. FormFree's new income and employment solution is the right product at the right time."

With 3n1, borrowers authorize payroll providers to electronically share their six most recent paystubs and most recent W-2 with lenders and refresh that documentation within 10 days of the loan closing.

3n1 saves lenders time and money by providing accurate data and universally accepted supporting documents up-front. This makes for a faster, cleaner underwriting and closing experience and prevents lenders from having to going back to borrowers to chase down more documents.

"Mortgage lenders have been longing for an income and employment solution with wider employer coverage. FormFree's vision goes even further, combining expansive coverage with their time-tested asset solution," said Rajesh Bhat, CEO at digital mortgage platform Roostify. "This is a welcome innovation that we look forward to offering through our platform."

"Getting investor-accepted, up-to-date employment and income verification along with the most recent paystubs and W-2s - all in less than 30 seconds - is a game changer," said Ben Miller, co-founder of homeownership platform SimpleNexus. "This is the kind of advancement our industry needs and borrowers deserve."

"We hear loud and clear that our lenders and partners are looking for better ways of validating borrower employment and income with the security, accuracy and efficiency of direct-source data at a disruptive price point," said Brent Chandler, CEO at FormFree. "As the pioneers of automated asset verification, we will continue to lead the mortgage industry to its fully digital destination, ultimately arriving at a holistic view of a consumer's financial DNA in a single Passport."

About FormFree®

FormFree® is a market-leading fintech company whose revolutionary products AccountChek® and Passport® make for a more inclusive credit decisioning landscape by enabling lenders to understand people's true ability to pay (ATP®). To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing trillions of dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination timelines and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®.

For more information, visit or follow FormFree on LinkedIn.

Twitter: @RealFormFree #mortgageindustry #fintech #branding #financialinclusion

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