Employment Verification Just Got Easier!
FormFree® is excited and proud to partner with Freddie Mac on “an improved way to assess borrower employment” that offers superior speed, cost and fraud resistance compared to alternatives.
Lenders have historically had to furnish a verbal, email or written verification of employment (VOE) or pay a third-party service provider for an electronic VOE report.
Now, with the latest enhancement to Freddie Mac Loan Product Advisor® asset and income modeler (AIM), lenders can automatically satisfy the 10-day PCV requirement using account or payroll data using FormFree’s AccountChek®.
Powered by direct deposit data sourced from AccountChek® Verification of Asset report, this 10-day pre-closing verification eliminates the need of a verbal verification, or other reverification methods for Freddie Mac loans.
AccountChek’s Deposits-Based Verification of Employment can verify your borrower’s employment status in minutes.
Freddie Mac’s Single-Family Seller/Servicer Guide Bulletin issued June 1 provides lenders additional requirements and information about availability and usage. Check out this press release to learn more!