FormFree’s Passport Asset Verification Service Now Does Paystubs

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FormFree reports that it has added paystub collection and verification to its Passport all-in-one asset, employment and income verification service.

The enhancement will be available to FormFree customers, including those who use Passport through one of FormFree’s more than 100 integrations and reseller partnerships, in November.

To use the new feature, loan applicants can grant Passport permission to electronically collect paystub data from supported payroll providers, the company says in a release.

Alternatively, applicants can submit a photo or upload a PDF or scanned image of their paystub using the Passport verification app.

In a matter of seconds, FormFree’s analytics engine corroborates the collected payroll data against public and proprietary data sources to verify that the applicant’s stated employer is a valid business with whom the applicant has a verifiable association.

At the same time, FormFree compares payroll data against the applicant’s financial assets to confirm the frequency and source of direct deposits and calculate the applicant’s annual net pay and gross income.

FormFree then pushes the verified asset, income and employment data directly into lender systems such as digital loan applications, origination software and automated underwriting systems (AUS).

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