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FormFree Expands Income and Employment Verification to Cover 85% of Working Americans

FormFree 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.

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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.

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Said David Battany, EVP of capital markets for Guild Mortgage, “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.”

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