ATHENS, Ga., Feb. 18, 2022 (SEND2PRESS NEWSWIRE) — FormFree® today announced that its AccountChek® digital asset verification service will support a first-of-its-kind solution from Freddie Mac that allows mortgage lenders to assess a prospective homebuyer’s income using direct deposit data. Available to mortgage lenders nationwide, Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM) solution fulfills mortgage verification of assets (VOA) and verification of income (VOI) requirements.
FormFree’s AccountChek leverages tens of thousands of data connections with more than 16,000 financial institutions to instantly deliver consumer-permissioned asset and income verification all in one report. With an estimated 93% or more of U.S. workers paid via direct deposit, collapsing asset and income verification into a single, paperless step provides cost-saving efficiencies for lenders, reduces the risk of fraud and manual errors and helps borrowers get approved for — and into — their homes more quickly.
“We have long contended that a consumer’s data — in particular, asset data sourced directly from financial institutions and extending over 12 months or more — holds the key to better understanding consumers’ financial DNA, streamlining lenders’ underwriting processes and driving inclusion in homeownership,” said FormFree Founder and CEO Brent Chandler. “This latest enhancement to Freddie Mac’s AIM brings lenders money-saving process efficiencies by making income assessment instantaneous.”
“We’re pleased to have FormFree’s AccountChek product support this game-changing enhancement to our AIM offering,” said Christina Randolph, Director, Strategic Technology Partnerships at Freddie Mac. “Partnering with FormFree has helped unlock more consumer financial data that allows us to uphold our risk management standards while streamlining the mortgage process and increasing homeownership opportunities.”
A March Freddie Mac Single-Family Seller/Servicer Guide Bulletin will provide lenders additional requirements and information about when the solution will be available. Once Freddie Mac releases AIM for income using direct deposits, it will be available to lenders using LPA v5.06 or higher.
To learn more, visit https://www.formfree.com/direct-deposit-income/.
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 https://www.formfree.com/ or follow FormFree on LinkedIn.
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News Source: FormFree