FormFree has added paystub collection and verification to its Passport all-in-one asset/employment/income verification service. Capable of ingesting paystub information in various ways: direct data pull (with the consumer’s permission) from payroll providers, an uploaded PDF or from a photo taken within the Passport app, its analytics engine corroborates the paystub data against public and proprietary sources to validate that the stated employer is a real company with whom the loan applicant has a verifiable connection, compares the paystub data against consumer asset data collected by Passport to calculate annual net pay and gross income and the verified asset, and income and employment data points are pushed to the lender’s systems (i.e., POS, LOS, AUS).
Read this commentary as it originally appeared in Rob Chrisman’s Daily Mortgage News & Commentary.
