The FormFree Passport 3n1 solution provides verification of a borrower’s assets, income, and employment in one convenient report. Using asset data and extracted data from a borrower’s uploaded paystub, our advanced platform leverages AI, machine learning and natural language processing to deliver a corroborating view into the borrower’s income and employment.
Paystub, Bank Statement
Bank Statement, Paystub, LexisNexis
How does the Borrower experience change if a lender client is configured for Passport 3n1?
Borrowers will complete the same enrollment process as with VOA, except with the addition of an option to upload one (1) paystub after they have linked their bank accounts. Only lenders who choose to use Passport will view the paystub upload functionality.It is not required for borrowers to upload a paystub and they can continue the process to verify assets.
Each Borrower on a loan will have their own Passport report.
The Borrower submits the order as usual by clicking the “Finish and Share” button.
Option to upload most recent paystub:
Success message after a paystub is uploaded:
How does the Lender experience change if the lender client is configured for Passport 3n1?
Lenders will receive the Passport 3n1 report and a copy of the paystub image in the same pdf file as the VOA report.
The PDF report generated by the order (and any refreshes) will include: Passport 3n1 report + image of paystub uploaded + standard VOA report.
The Passport 3n1 report generates whenever the VOA report is ready to generate. The Employment Extraction and Paystub OCR analysis may still be in process when the report is first generated. The lender will need to refresh the report after ~30 minutes to pull in complete data for the Passport 3n1 report.
Sample Passport 3n1 Report – completed report
A) Report header includes borrower name, unique report ID, longest history pulled back from bank transactions, loan number, and date of report.
B) Asset summary shows current, 30, 60, and 90-day average balances across all accounts connected within AccountChek by the Borrower.Average balance is calculated by calculating the ending daily balance for each day, and then taking the mathematical average across the period.
C) Employment analysis
Paystub EmployerName - pulled from the submitted paystub using OCR technology.
Candidate Employer Name - determined using our Employment Extraction Engine, which uses natural language processing and AI to pull a potential employer name from direct deposit payroll transactions across all DDA accounts.
Extracted Employer Name - name returned from LexisNexis as a valid business that correlates with the Candidate Employer Name.The extraction engine may return multiple business names; the name shown on the report is the one with the highest confidence score.
Confidence Score – FormFree determines by identifying the direct deposit transactions, extracting and validating employer name, and validating employer as an operating business. Other data points that may affect the confidence score include geo-location and borrower stated employer name.Actual confidence score values are not displayed but rather what group it falls in – HIGH, MEDIUM, NONE.
Employer Address - extracted from the paystub using ICR technology.
D) Income analysis
Paystub Date- extracted off the uploaded paystub using ICR technology.
Paystub Gross - extracted off the uploaded paystub using ICR technology.
Paystub Net - extracted off the uploaded paystub using ICR technology.
Deposit Date - date of the most recent payroll Direct Deposit in the asset data.
Deposit Net - deposit amount of the most recent payroll Direct Deposit in the asset data.
E) Deposit stream data is pulled from the account with the payroll direct deposit stream.
Account Owner - name on the account.
Institution - financial institution name for the account.
Account Number - last four digits of the masked account number.
Date - date of the paycheck deposit.
Category - type of the identified deposit as seen in the AccountChek report (e.g. PayrollDeposit).
Description - transaction descriptionfrom the direct deposit.
Amount - dollar amount deposited into the account.
F) Paystub Data is extracted from the uploaded paystub using OCR technology.
Period End Date
Earnings - broken out by type on the paystub (e.g. Regular, Holidays, Group, etc.).
Rate - hourly rate if found on the paystub.
Hours - total number of hours in period for the earnings type.
Current pay - amount of current paycheck attributable to the earnings type.
YTD total - YTD deduction amount attributable to the earnings type.
Deductions - broken out by type (e.g. Federal, 401(k), Medical, etc.)
Current – paycheck deduction amount attributable to the deduction type
YTD Total - YTD deduction amount attributable to the deduction type.
YTD Gross Pay
YTD Net Pay
Gross – gross pay for this paycheck.
Net pay – net pay for this paycheck.
Sample Passport 3n1 Report – paystub and employment analysis still processing
The Passport 3n1 report will generate when the VOA report is ready to generate. The Employment Extraction and Paystub OCR analysis may still be in process when the report is first generated.
The report headers shown below will indicate to the lender that a refresh is needed to pull in the complete analysis:
If the paystub and/or the employment analysis is not yet finished, the associated fields in the report will show dashes (---) instead of values.
A refresh > 30 minutes after the first report generation should pull in the complete Passport analysis.
Sample Passport 3n1 Report – paystub not provided
If a paystub was not uploaded by the Borrower, the report header shown below will indicate this information to the Lender.
If the Lender wants paystub information on the report, they can ask the Borrower to re-enter the Passport order, upload a paystub, and submit.
Upcoming enhancements to Passport 3n1
Ability for Borrower to preview the paystub uploaded before submitting it, delete the file uploaded, and upload a different file.
Ability to upload multiple paystubs.
Separate widget for uploading the paystub – for POS integration partners to insert into a different part of the workflow from asset verification
Ability to upload other document types (W-2)
API documentation for integrations to send paystubs to FormFree
Passport 3n1 Report
Match the paystub to the appropriate deposit stream in the appropriate account(s).
Paystub employer validated by LexisNexis as a real, operating business.
Display multiple deposit streams reflecting all accounts connected.
Who should I contact with interest to pilot Passport 3n1?
Please reach out to one of our FormFree account representatives!