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FormFree is rolling out paystub collection and verification as an available feature for new and existing customers at the end of this month, a development the company announced at MBA Annual. By using AI to corroborate paystubs against public and proprietary data sources, FormFree enables lenders to confirm a borrower’s assets, employment and income with an extremely high level of confidence.
The paystub capability becomes even more interesting within the context of a new Digital Mortgage Application Prefill solution powered by FormFree and LexisNexis Risk Solutions, which automatically populates the Form 65/1003 with a laundry list of data points including two-year address history, assets and other real estate owned, employer information, monthly income and combined housing expenses. In addition to improving the customer experience, both new features stand to boost lender efficiency and pull-through in a competitive market.