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Freddie Mac and FormFree Partner on Online Tool

FormFree, a fintech company, has been designated a third-party service provider for automated income and asset assessment capabilities with Freddie Mac. The announcement was accompanied by Freddie Mac’s unveiling of new enhancements to Loan Advisor, Freddie Mac’s set of integrated software applications designed to lower costs in the origination process and assist lenders in the acquisition of relief from certain representations and warranties.

Freddie Mac’s automated asset and income assessment capabilities are currently available in limited release, and the government-sponsored enterprise (GSE) said it plans to make its asset offering available to the public-at-large before the end of 2018. FormFree direct deposit income assessment capabilities are expected to debut in early 2019. Both capabilities will be accessible via Loan Product Advisor, itself a part of Loan Advisor.

“This is a long-anticipated announcement that should excite lenders who are looking to add efficiency and choice to their origination and secondary market workflows,” said Brent Chandler, Founder and CEO of FormFree. “As the industry’s original provider of automated asset and income verification, we are a proud partner in Freddie Mac’s efforts to reimagine the mortgage experience and deliver an origination process that is easier and more efficient for lenders and consumers alike.”

“This partnership with FormFree and Freddie Mac is another step toward realizing the true digital mortgage,” said Parvesh Sahi, SVP of Business Development with Ellie Mae. “By offering asset verification services through our Encompass Lending Platform, we’re maximizing efficiency and adding value for our lenders while streamlining the application process for borrowers.”

Ellie Mae’s Encompass Consumer Connect is among the more than 100 mortgage technology platforms that currently integrate FormFree’s flagship AccountChek asset verification service. FormFree’s end-to-end integration with Encompass Consumer Connect gives lenders a fully streamlined mortgage application and automated validation of asset and income through Ellie Mae’s partnership with Freddie Mac’s Loan Product Advisor.

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