Direct Deposit Verification Solutions for Mortgage Companies & Lenders

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Income verification? More like instant gratification with AccountChek®

Freddie Mac enhanced its Loan Product Advisor® asset and income modeler (AIM) to provide automated income assessment using consumer-permissioned, direct deposit data.

AIM for income using direct deposits increases the confidence in income calculations of certain income types when there is enough direct deposit history sourced from trusted third-party service providers, like FormFree.

FormFree’s AccountChek VOA report delivered to AIM is an innovative, data-driven approach for instantly identifying income streams to help qualify your customers for their mortgage.

Freddie Mac’s Single-Family Seller/Servicer Guide Bulletin issued March 2 provides lenders additional requirements and information about availability and usage. AIM for income using direct deposits is available to lenders using LPA v5.06 or higher.

What does this mean for lenders?

Lenders will receive direct-source asset data for both asset and income verification all in one report, reduce the potential for fraud and further digitize your mortgage process, create efficiency and improve your margins.

What does this mean for borrowers?

This enhancement creates a better lending experience by eliminating the burden of gathering paper documentation.

Frequently Asked Questions

Q: Why is Freddie Mac’s AIM for income using direct deposit significant?

A: Lenders can now get verified income through their AccountChek VOA report using direct source data retrieved from consumer-permissioned account access and receive instantaneous access to asset and income data via a single digital report.

Q: What does this mean for FormFree customers?

A: This enhancement provides access to direct-source transaction data for both asset and income verification all in one report increasing confidence for income calculations, providing more accurate risk assessment results, enhancing the customer experience, and further digitizing the mortgage process.

Q: How do I take advantage of this enhancement?

A: Simply opt-in with Freddie Mac and then order an AccountChek VOA report, which automatically includes the direct deposit data, and that’s it! We’ll take care of the rest for you.

Q: How many months of direct deposit history are required?

A: 12 months of data are required in order to utilize Asset Income Modeler (AIM) for income using direct deposit.

Q: Does the FormFree AccountChek VOA solution support 12-month data history?

A: Yes! AccountChek supports and delivers broad coverage of 12 months or more of direct deposit and asset data, when available from the financial institution. This data is delivered to Freddie Mac Loan Product Advisor (LPA) asset and income modeler (AIM) for evaluation.

Q: How do I know how much transaction history Freddie Mac received for income evaluation?

A: As of 2/25/2022, the days of History Available can be found in the “Order Details” section of the AccountChek VOA report. For this report, this is the length of history available to LPA for income evaluation.

Q: How do I request the 12-month asset and income report via the AccountChek platform?

A: You don’t need to request an additional report! AccountChek automatically includes 12 months of data, if available, on all placed orders. Simply order an AccountChek VOA report, as usual, and FormFree will pull the required 12 months of the transaction data. Once submitted to Freddie Mac’s LPA, Freddie Mac will analyze the 12 months+ of bank data. You can access the full 12-month report at any time, upon request, in our Quality Control Validator portal.

Q: Is there anything else I need to consider?

A: Lenders should contact their Freddie Mac account team for any additional AIM requirements or considerations.

It's time to change the way you lend.