FormFree’s new solution provides direct-source income and employment data in an easy to consume report. The report also returns up to six recent paystubs and two recent W2s. Income and employment functionality has been added to the AccountChek Dashboard, and support for payroll provider enrollment has been added to the borrower workflow.
How does Verification of Income and Employment change the lender’s experience?
When submitting a new order, Dashboard users will have the ability to select whether they want to order verification of assets, income and employment, or both.
On the Order Details page, a new VOIE status has been added next to the VOA report status. In addition, a new “Income & Employment Reports” section has been added to show all IE reports generated. Dashboard users can refresh the asset and IE reports separately.
How does Verfication of Income and Employment change the borrower’s experience?
The borrower will receive an invitation to complete enrollment for the services ordered by you. As before, they log in by entering the last 4 of their social security number.
If income and employment was ordered, they will be asked to find their employer.
The employer search feature will connect users to their payroll provider or will bring likely payroll providers to the top of the provider search page. Once the borrower selects their payroll provider, they will be asked to share data elements required for the IE report.
Following payroll provider selection, the borrower is prompted to log in with their credentials.
Once enrollment is complete, the borrower will be notified.
Following enrollment, the VOIE report will be generated and made available to the lender.
Verification of Income and Employment Report Details:
FormFree’s income and employment report includes:
Up to six recent paystubs
Up to two recent W2’s
Borrower profile (identity information)
Employer’s name, address & phone number
Job title, job type, department & manager name
Employment status, most recent start date, original hire date, end date (if applicable)
Total time with employer
Basis of pay, pay frequency, rate of pay, & avg. hours worked per pay period
Annual income summary by year (base, overtime, commissions, etc.)
Payroll bank account details
Attached below is a sample of the income and employment report. To activate income and employment features in AccountChek, reach out to your FormFree rep or email firstname.lastname@example.org
Other Fixes and Improvements
Added dashboard support for ordering and refreshing income and employment reports
Improved prompting of permission requirements during OAuth sign in