{"id":82230,"date":"2022-06-01T16:09:15","date_gmt":"2022-06-01T20:09:15","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=82230"},"modified":"2022-06-01T16:05:29","modified_gmt":"2022-06-01T20:05:29","slug":"mortgage-lenders-are-now-able-to-use-formfree-accountchek-to-satisfy-freddie-macs-reverification-of-employment-requirement","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/mortgage-lenders-are-now-able-to-use-formfree-accountchek-to-satisfy-freddie-macs-reverification-of-employment-requirement\/","title":{"rendered":"Mortgage lenders are now able to use FormFree AccountChek to satisfy Freddie Mac’s reverification of employment requirement"},"content":{"rendered":"

ATHENS, Ga., June 1, 2022 (SEND2PRESS NEWSWIRE) — FormFree<\/a>\u00ae today announced that its AccountChek\u00ae digital asset verification service supports a new enhancement to Freddie Mac\u2019s Loan Product Advisor\u00ae (LPASM) asset and income modeler (AIM) solution that makes assessment of borrower employment easier, faster, less expensive and more fraud-resistant.<\/p>\n

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

Under Freddie Mac Single-Family Seller\/Servicer Guide requirements, with limited exceptions, mortgage lenders must verify each borrower\u2019s employment during the initial loan application, then again within 10 days of the loan\u2019s closing date. The verification, done prior to closing, is officially known as the 10-day Pre-Closing Verification or \u201c10-day PCV.\u201d<\/p>\n

To fulfill the Freddie Mac 10-day PCV requirement, lenders have historically had to furnish a verbal, email or written verification of employment (VOE) or pay a third-party service provider for an electronic VOE report. Now, with the latest enhancement to AIM, lenders can automatically satisfy the 10-day PCV requirement using account or payroll data using FormFree\u2019s AccountChek.<\/p>\n

Automation of the 10-day PCV using account data is available to all Freddie Mac clients effective June 1. Freddie Mac describes the service as \u201can improved way to assess borrower employment\u201d that offers superior speed, cost and fraud resistance compared to alternatives.<\/p>\n

\u201cVerifying a loan applicant\u2019s employment in the runup to the loan closing protects lenders, investors and borrowers alike. But the process can be time-consuming and expensive, and it\u2019s only gotten worse with so many Americans working remotely,\u201d said FormFree Chief Customer Officer Christy Moss. \u201cThe Work Number is expensive. Manual employment verification is time-consuming. Using direct-source asset data to fulfill the 10-day PCV is an economical and efficient solution, and it couldn\u2019t come at a better time for an industry that is losing sleep over razor-thin margins.\u201d<\/p>\n

AccountChek streamlines the mortgage process by empowering borrowers to share their asset and payroll data electronically in an underwriter-friendly format lenders can use to assess asset, income, and employment in seconds. By leveraging a business-applicable refresh period, lenders that use AccountChek for a loan applicant\u2019s initial employment verification will be able to generate the VOE report within 10 days of closing.<\/p>\n

For more information, visit https:\/\/formfree.com\/pre-closing-verification<\/a>.<\/p>\n

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

As the industry\u2019s go-to provider for direct-source VOA and VOI\/E data, FormFree\u00ae helps lenders understand credit risk like never before. Our patented AccountChek\u00ae and Passport\u00ae products open doors to more inclusive credit decisioning by revealing each customer\u2019s true ability to pay (ATP\u00ae). We have completed over $3 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience. For more information, visit https:\/\/www.formfree.com\/<\/a> or follow FormFree on LinkedIn<\/a>.<\/p>\n

Twitter: @RealFormFree @FreddieMac #mortgage #mortgageindustry #fintech #digitalmortgage<\/p>\n","protected":false},"excerpt":{"rendered":"

ATHENS, Ga., June 1, 2022 (SEND2PRESS NEWSWIRE) — FormFree® today announced that its AccountChek® digital asset verification service supports a new enhancement to Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM) solution that makes assessment of borrower employment easier, faster, less expensive and more fraud-resistant.<\/p>\n","protected":false},"author":72,"featured_media":79159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,12804,14409,1,38,10711,123,6,5],"tags":[205,17744,756],"class_list":["post-82230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news","category-ap","category-athens-business","category-business-news","category-finance-news","category-fintech","category-georgia-news","category-software-news","category-technology-news","tag-depthpr","tag-digital-asset-verification","tag-fannie-mae","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":4021,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/82230","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=82230"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/82230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/79159"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=82230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=82230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=82230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}