{"id":68656,"date":"2021-02-18T11:00:52","date_gmt":"2021-02-18T16:00:52","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=68656"},"modified":"2021-02-18T11:00:11","modified_gmt":"2021-02-18T16:00:11","slug":"formfrees-expanded-income-and-employment-verification-covers-85-of-working-americans","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/formfrees-expanded-income-and-employment-verification-covers-85-of-working-americans\/","title":{"rendered":"FormFree’s Expanded Income and Employment Verification Covers 85% of Working Americans"},"content":{"rendered":"

ATHENS, Ga., Feb. 18, 2021 (SEND2PRESS NEWSWIRE) — FormFree<\/a>\u00ae today announced its AccountChek\u00ae 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.<\/p>\n

\"FORMFREE\"<\/em><\/p>\n

As the pioneer of the mortgage industry\u2019s 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\u2019s largest payroll service providers.<\/p>\n

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\u2019s 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.<\/p>\n

Said David\u00a0Battany, EVP of capital markets for\u00a0Guild Mortgage<\/a>\u00a0(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.\u201d Guild Mortgage has worked with FormFree since\u00a0participating in Fannie Mae\u2019s Day 1 Certainty\u00ae pilot<\/a>\u00a0in 2016.<\/p>\n

\u201cWe are always looking for innovative solutions that make\u00a0mortgages\u00a0faster and easier for our borrowers and teams,\u201d said Trinity Oaks Mortgage<\/a> President Michael Kuentz. \u201cWe\u2019ve\u00a0relied on FormFree\u2019s asset solution\u00a0to streamline the loan process and cut down on time to close for several years.\u00a0FormFree’s new\u00a0income and\u00a0employment solution is the right product at the right time.\u201d<\/p>\n

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.<\/p>\n

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.<\/p>\n

“Mortgage lenders have been longing for an income and employment solution with wider employer coverage. FormFree\u2019s vision goes even further, combining expansive coverage with their time-tested asset solution,”\u00a0said Rajesh Bhat, CEO at digital mortgage platform\u00a0Roostify<\/a>.\u00a0\u201cThis is a welcome innovation that we look forward to offering through our platform.\u201d<\/p>\n

“Getting\u00a0investor-accepted, up-to-date employment and income verification along with the most recent paystubs and\u00a0W-2s\u00a0\u2014 all\u00a0in less than 30 seconds\u00a0\u2014\u00a0is a game changer,\u201d said Ben Miller, co-founder of\u00a0homeownership platform SimpleNexus<\/a>. \u201cThis is the kind of advancement our industry needs and borrowers deserve.\u201d<\/p>\n

\u201cWe 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,\u201d said Brent Chandler, CEO at FormFree. \u201cAs 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\u2019s financial DNA in a single Passport.”<\/p>\n

About FormFree\u00ae<\/strong><\/p>\n

FormFree\u00ae is a market-leading fintech company whose revolutionary products AccountChek\u00ae and Passport\u00ae make for a more inclusive credit decisioning landscape by enabling lenders to understand people\u2019s true ability to pay (ATP\u00ae). To date, thousands of U.S. lenders and brokers have ordered millions of FormFree\u2019s 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\u00ae.<\/p>\n

For more information, visit https:\/\/www.formfree.com\/<\/a> or follow FormFree on LinkedIn<\/a>.<\/p>\n

Twitter: @RealFormFree #mortgageindustry #fintech #branding #financialinclusion<\/p>\n

*LOGO link for media:\u00a0https:\/\/www.Send2Press.com\/300dpi\/17-0926s2p-formfree-300dpi.jpg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ATHENS, Ga., Feb. 18, 2021 (SEND2PRESS NEWSWIRE) — 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.<\/p>\n","protected":false},"author":72,"featured_media":66885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,12804,124,1,80,38,10711,123,6,5],"tags":[15408,205,15409],"class_list":["post-68656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news","category-ap","category-atlanta-news","category-business-news","category-employment-news","category-finance-news","category-fintech","category-georgia-news","category-software-news","category-technology-news","tag-automated-verification-of-assets","tag-depthpr","tag-trinity-oaks-mortgage","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":5503,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/68656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/72"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=68656"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/68656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/66885"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=68656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=68656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=68656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}