FormFree partners with Freddie Mac for improved pre-closing verification

FormFree’s enhancements to Freddie Mac Loan Product Advisor will allow lenders to automatically satisfy the 10-day PCV requirement through direct deposit data from AccountCheck’s verification of asset report, making the whole process “easier, faster, less expensive and more fraud-resistant.”

“Verifying a loan applicant’s employment in the run-up to the loan closing protects lenders, investors and borrowers alike. But the process can be time-consuming and expensive, and it’s only gotten worse with so many Americans working remotely,” said FormFree chief customer officer Christy Moss.

“The Work Number is expensive. Manual employment verification is time-consuming. Using direct-source asset data to fulfill the 10-day PCV is an economical and efficient solution, and it couldn’t come at a better time for an industry that is losing sleep over razor-thin margins.”

Freddie Mac described the new service as “an improved way to assess borrower employment,” in its Single-Family Seller/Servicer Guide Bulletin for June 1, encouraging sellers to review its webpage updates and training resources.