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).
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