Manual employment verification is time-consuming. But the process can be time-consuming and expensive, and it’s only gotten worse with so many Americans working remotely,” said FormFree Chief Customer Officer Christy Moss. “Verifying a loan applicant’s employment in the run-up to the loan closing protects lenders, investors and borrowers alike. In its Single-Family Seller/Servicer Guide Bulletin 2022-11, Freddie Mac describes the service as “an improved way to assess borrower employment” that offers superior speed, cost and fraud resistance compared to alternatives.
Now, with the latest enhancement to AIM, lenders can automatically satisfy the 10-day PCV requirement using account or payroll data using FormFree’s AccountChek.Īutomation of the 10-day PCV using account data is available to all Freddie Mac clients effective June 1.
To fulfill the Freddie Mac 10-day PCV requirement, lenders have historically had to furnish a verbal, email or written verification of employment (VOE) or pay a third-party service provider for an electronic VOE report. The verification, done prior to closing, is officially known as the 10-day Pre-Closing Verification or “10-day PCV.” Under Freddie Mac Single-Family Seller/Servicer Guide requirements, with limited exceptions, mortgage lenders must verify each borrower’s employment during the initial loan application, then again within 10 days of the loan’s closing date. FormFree ® today announced that its AccountChek ® digital asset verification service supports a new enhancement to Freddie Mac’s Loan Product Advisor ® (LPA℠ ) asset and income modeler (AIM) solution that makes assessment of borrower employment easier, faster, less expensive and more fraud-resistant.
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