FormFree and Ocrolus partner on income verification program
FormFree recently announced a partnership with Ocrolus, a leading fintech infrastructure company that looks to transform documents into actionable data with more than 99% accuracy.
Officials indicated FormFree’s Passport all-in-one asset, employment and income verification service will include API calls to Ocrolus for paystub collection and data verification.
Each day, Passport helps tens of thousands of loan originators assess the ability of loan applicants to repay loans. The companies said FormFree’s partnership with Ocrolus will enable Passport to ingest data from paystubs submitted in PDF or cell phone photo format.
“Income verification is a critical factor in assessing a borrower’s ability to repay a loan,” FormFree chief executive officer Brent Chandler said in a news release. “Enabling lenders to corroborate images of paystubs against digital data sources will allow them to make credit decisions with a high level of confidence.”
As Ocrolus digitizes data from submitted paystubs, Passport will corroborate that data against public and proprietary sources to validate that the stated employer is a real company with whom the loan applicant has a verifiable connection.
Next, the program is designed to compare the paystub data against consumer asset data to calculate annual net pay and gross income. The verified asset, income and employment data points then can be pushed to lender systems such as point-of-sale (POS) platforms, loan origination software (LOS) and automated underwriting systems (AUS).
“We developed Ocrolus to analyze documents of any format or quality with over 99% accuracy,” Ocrolus CEO Sam Bobley said. “FormFree is a leading fintech that we are proud to partner with; incorporating our capabilities within Passport will provide lenders with precisely accurate data for financial decisioning.”