The fintech firms integrate their technologies to streamline lenders' verification process
FormFree has entered a partnership with Ocrolus to integrate Ocrolus' data-verification technology with FormFree's Passport all-in-one asset, employment, and income verification service.
With the partnership, the FormFree Passport can now ingest data from paystubs submitted in PDF or cellphone photo format. The integration also allows Passport to pull income data directly from payroll providers with a consumer's permission.
"Income verification is a critical factor in assessing a borrower's ability to repay a loan," said FormFree CEO Brent Chandler. "Enabling lenders to corroborate images of paystubs against digital data sources allows them to make credit decisions with a high level of confidence."
Ocrolus will then digitize the data from submitted paystubs and W-2 documents, while Passport corroborates that data to validate the loan applicant's connection with the stated employer. Next, the program will compare the paystub data to consumer asset data to calculate annual net pay and gross income.
The verified asset, income, and employment data points will be sent to the lender systems such as point-of-sale platform, loan origination software, and automated writing systems.
Know the definition of loan origination software in this article.
"We developed Ocrolus to analyze documents of any format or quality with over 99% accuracy," said Sam Bobley, CEO of Ocrolus. "FormFree is a leading fintech that we are proud to partner with; incorporating our capabilities within Passport provides lenders with precisely accurate data for financial decisioning."
