Partnership gives lenders instantaneous, high-confidence validation of paystubs and W-2s submitted by borrowers in PDF or photo formats
FormFree, a leading fintech provider of credit decisioning services, announced a partnership with Ocrolus, a leading fintech infrastructure company that transforms documents into actionable data with over 99% accuracy. FormFree’s Passport™ all-in-one asset, employment and income verification service now includes API calls to Ocrolus for paystub and W-2 tax form collection and data verification.
Read More: Finhabits Launches Microlearning Journeys to Help Diverse Communities Build Healthy Financial Habits
Each day, Passport helps tens of thousands of loan originators assess the ability of loan applicants to repay loans. FormFree’s partnership with Ocrolus enables Passport to ingest data from paystubs submitted in PDF or cell phone photo format. Passport can also 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.”
Read More: WorldRemit Partners with Wizall Money to Launch its First Mobile Money Transfer Service to Senegal
As Ocrolus digitizes data from submitted paystubs and W-2 documents, Passport corroborates 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 compares the paystub data against consumer asset data to calculate annual net pay and gross income. The verified asset, income and employment data points are then instantaneously pushed to the 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,” 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.”
Read More: GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini
