FormFree, a U.S.-based fintech, announced on Friday it has expanded its AccountChek 3n1 (3n1) asset, employment and income verification service, to now cover 85% of U.S. workers whose employers utilize a payroll processing service, representing over 100 million wage earners.
Founded in 2008, FormFree describes itself as a provider of revolutionary lending technologies that are setting new industry standards for simplicity and safety.
“Leading lenders trust FormFree’s automated verification solutions to streamline the loan origination process and provide better intelligence on borrowers’ ability to repay. Our customers include mortgage bankers, financial services firms, credit card companies, payroll service companies and crowd-funding service providers. Our flagship app, AccountChek, eliminates the hassle of collecting paper statements from borrowers by using direct-access data untouched by human hands to consolidate, analyze and verify assets. AccountChek securely delivers automated asset verification data and on-demand reports to more than 350 leading U.S. lenders.”
FormFree further revealed that with 3n1, borrowers authorize payroll providers to electronically share their six most recent paystubs and most recent W-2 with lenders and refresh that documentation within 10 days of the loan closing.
“3n1 saves lenders time and money by providing accurate data and universally accepted supporting documents up-front. This makes for a faster, cleaner underwriting and closing experience and prevents lenders from having to going back to borrowers to chase down more documents.”
In regards to the expansion, Brent Chandler, CEO at FormFree, added:
“We hear loud and clear that our lenders and partners are looking for better ways of validating borrower employment and income with the security, accuracy and efficiency of direct-source data at a disruptive price point. As the pioneers of automated asset verification, we will continue to lead the mortgage industry to its fully digital destination, ultimately arriving at a holistic view of a consumer’s financial DNA in a single Passport.”