FormFree today announced that mortgage lenders can now use AccountChek® to automate income verification using Freddie Mac’s Loan Product Advisor® (LPA℠) asset and income modeler (AIM) for borrowers who are paid through ADP.
LPA’s AIM for Income automates the assessment of borrower income using direct-source employer and payroll service data furnished by authorized third-party service providers like FormFree. ADP is the first payroll provider eligible for automated verification of income (VOI) through AIM for Income. AccountChek supports this expansion by enabling borrowers to authorize electronic verification of their ADP payroll data.
FormFree is a leading provider of consumer-permissioned verification of asset (VOA) and verification of income and employment (VOI/E) data to the mortgage industry. The company’s flagship verification service, AccountChek, enables consumers to verify income and employment with more than 50 payroll providers and 100,000 employers. The company’s extensive payroll partnerships enable AccountChek to furnish paystub PDFs and W-2s that meet Freddie Mac’s selling requirements.
“FormFree applauds Freddie Mac for its continuous innovation that helps lenders execute a simpler, more efficient loan origination process,” said FormFree Founder and CEO Brent Chandler. “Giving lenders the ability to automatically verify income dispersed by the world’s largest payroll provider will extend the convenience of digital VOI to an expansive cohort of homebuyers. We look forward to supporting Freddie Mac as it adds more payroll providers to AIM for Income.”
“Automation of a mortgage applicant’s income using payroll provider data has numerous benefits for our clients and their customers – it’s really a win all around,” said Kevin Kauffman, Single-Family Vice President of Client & Partner Delivery at Freddie Mac. “Our partnership with FormFree is helping our clients reduce costs through process efficiencies, which can lead to savings for their customers, and it also delivers better risk management in all economic cycles.”