Seamless API integration enables mortgage lenders to order verification of assets, income and employment from a single provider within ICE Mortgage Technology Encompass platform
FormFree has partnered with ICE Mortgage Technology™, part of Intercontinental Exchange, Inc., a leading global provider of data, technology and market infrastructure, to make its AccountChek 3n1 asset, income and employment verification service available in Encompass®, the mortgage industry’s leading cloud-based loan origination platform. The seamless API integration allows lenders to order, manage and review verification of asset (VOA) and verification of income/employment (VOIE) reports with a single provider selection in Encompass. By consolidating VOA and VOIE orders through a single vendor, mortgage lenders improve efficiency in the loan origination process, reduce per-loan costs and streamline vendor due diligence.
FormFree’s AccountChek 3n1 securely delivers direct-source VOA and VOI/E data in less than a minute, significantly shortening loan application timelines and collecting critical underwriting documents earlier in the application process.
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VOA (Asset Report)
For over 10 years, FormFree VOA has helped borrowers skip the paper chase when qualifying for a loan. Borrowers send their direct-source financial data straight to lenders in an underwriting-friendly format that reduces delays, manual errors and fraud risk. Real-time insight into borrowers’ assets, income and employment enables better credit decisioning. Key features include:
- Average connection time of just 22 seconds
- Available with 30, 60, 90 and 180-day refresh periods
- Government-sponsored enterprise (GSE) rep and warrant relief eligible
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VOIE (Income and Employment Report)
Several of today’s popular VOI and VOE solutions have a success rate of less than 50%, requiring lenders to fall back on manual verification processes that are slow and result in a diminished borrower experience. FormFree’s VOIE product covers 85% of all U.S. workers (over 100 million wage earners), saving lenders time and improving margins.
Key features include:
- Flat pricing significantly lower than market alternatives
- Up to 6 most recent pay stubs and 2 years of W-2s
- One free report refresh prior to close
“Now mortgage lenders can get all three core verifications — assets, income and employment — from one trusted partner within the familiar Encompass environment,” said FormFree CEO Brent Chandler. “By combining VOA and VOIE, FormFree’s AccountChek 3n1 eliminates the cost and headache of managing multiple vendors, helps loan teams work more efficiently and delivers a world-class borrower experience that expedites pre-approvals and increases loan pull-through.”