Announcement: Freddie Mac and FormFree automate assessment of direct deposit income Learn more

Tired of the paper chase?

AccountChek® has a better way to verify employment prior to closing.

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.

What does this mean for lenders? 

The Deposits-Based Verification of Employment is an updated report that will extract and provide two weeks of direct deposit history. Lenders will receive direct-source asset data for employment verification, reduce the potential for fraud, save both time and money, eliminate the need for verbal verification and other verification tools, and further digitize your mortgage process, create efficiency and improve your margins for Freddie Mac loans.

What does this mean for borrowers?

This enhancement creates a better lending experience by eliminating the burden of gathering paper documentation. Since the verification of employment uses direct source data from the past 14-days of transactions, the borrower experience is seamless with this new enhancement to AccountChek®.