Finastra and FormFree , enabling lenders to see people’s true ability to pay, have partnered to simplify electronic borrower verification for mortgage lenders. FormFree’s AccountChek will integrate directly into Finastra’s Mortgagebot solutions to facilitate an automated asset, income, and employment verification process that paves the way for faster loan decisioning.

The integration with Finastra helps lenders support the government sponsored enterprises’ verification initiatives that help expand access to homeownership and streamline processes without incurring additional risk. Combined, Finastra and FormFree’s technologies and shared vision for fair and inclusive access to home financing will help lenders deliver a better borrower experience. FormFree provides Finastra with a solution to help further simplify what is traditionally a very manual and labour-intensive task.

For both lenders and borrowers, this added verification capability to their lending solution will have a significant impact on the loan cycle, creating a more efficient, secure, and inclusive process. Finastra’s lending products Fusion Mortgagebot is Finastra’s end-to-end cloud-based lending platform that maximises operational efficiency and mortgage opportunities for lenders. The integration of FormFree’s AccountChek delivers significant time savings with its verification process.

Borrower permissioned asset, income, and employment data is retrieved and formatted into underwriter-friendly reports, providing lenders with full transparency and direct-source data for better credit decisioning while reducing processing time and risk of fraud. In 2021, Finastra launched Total Lending Home, a cloud-based portal to launch and manage the Total Lending suite of solutions. The lending products available through the Total Lending Home portal include Fusion LaserPro, Fusion DepositPro, Fusion Compliance Reporter, and ProSign Online.

Benefits of the portal include a single sign-on, powered by Microsoft’s secure Azure Active Directory, for all Finastra’s Total Lending products; the ability to view data from various products for deeper insights and better loan processor efficiency; and value-adding services, such as a repository for regulatory news. FormFree’s other partnerships Earlier in 2022, FormFree has partnered with HomeScout, a wholly owned subsidiary of FirstClose, to launch HomeScout Qualified Borrower, a tool that helps lenders generate leads and concentrate borrower conversion efforts on mortgage-ready home buyers. It has also partnered Freddie Mac to allow mortgage lenders to assess a prospective homebuyer's income using direct deposit data.

Available to mortgage lenders, Freddie Mac's Loan Product Advisor (LPASM) asset and income modeler (AIM) solution fulfils mortgage verification of assets (VOA) and verification of income (VOI) requirements. In 2020, it partnered with fintech company Ocrolus to provide lenders with income verification solution. Under the arrangement, FormFree now features API that call to Ocrolus for pay stub and W-2 tax form collection and data verification.

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