FormFree announced that it has partnered with Truv to enhance AccountChek®’s verification of income and employment (VOI/E) reporting capabilities with Truv’s payroll provider network, expanding the modern convenience of electronically sharing payroll data with mortgage lenders to 120 million workers.
AccountChek streamlines the mortgage lending process by making it easy for borrowers to electronically furnish the financial and employment data that lenders need to fulfill underwriting requirements and assess ability to pay (ATP®). When borrowers authorize payroll providers to electronically share direct-source payroll data, AccountChek securely delivers it to lenders and the government sponsored enterprises (GSEs) in underwriter-friendly reports that include the borrower’s six most recent paystubs, most recent W-2 and the ability to refresh documentation within 10 days of closing.
Dedicated to serving the unique verification needs of mortgage lenders, FormFree has more than 100 integrations with industry-relevant technology providers and reseller partners, making AccountChek’s verification of asset (VOA) and VOI/E services available for more than 90% of mortgage transactions nationwide. FormFree closely collaborates with Fannie Mae and Freddie Mac to support verification initiatives that help lenders streamline processes without incurring additional risk.
“Expediting time-to-close, reducing loan production costs and improving borrower experience are priorities for mortgage lenders of every stripe,” said FormFree Founder and CEO Brent Chandler. “Expanding our payroll provider network by partnering with Truv enables mortgage lenders to extend the ease of electronic payroll data verification to millions of workers while lessening staff time spent collecting and verifying physical paystubs and other paper documents.”
“Truv is proud to bolster FormFree’s VOE and VOI reach with our expansive payroll and human resources information system integrations,” said Kirill Klokov, CEO of Truv. “We look forward to continuing to build out capabilities that help our customers serve their clients.”