FormFree, Ocrolus to help lenders accelerate credit decisions

Thursday 23 April 2020 12:37 CET | News

Credit decisioning services provider FormFree has partnered with fintech company Ocrolus to provide lenders with income verification solution.

Under the arrangement, Passport all-in-one asset, employment, and income verification service of FormFree will now feature API calls to Ocrolus for pay stub and W-2 tax form collection and data verification.

The partnership will enable lenders to collect certain data points for the asset, employment, and income verification of applicants via FormFree’s Passport solution.

Passport enables lenders to validate paychecks and W-2 tax forms submitted by borrowers in PDF or photo formats. It uses API to collect this information via Ocrolus’ servers. Passport collects this data for employment and income verification and to validate that the stated employer is a real company. The solution also allows lenders to pull the payroll data directly from the organisations with the permission of the loan applicants.

Loan originators can also use this service to assess an applicant’s ability to repay the loans. It compares the pay stub data with the asset data to calculate the annual net value of the applicants.

To process the loans, the data is then pushed into lender systems such as POS platforms, loan origination software (LOS) and automated underwriting systems (AUS).

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: FormFree, Ocrolus, partnership, fintech, API, pay stub, W-2, data, paycheck, loan, POS, LOS, AUS, US
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech