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Why submitting payroll, bank data for mortgages is about to get easier (National Mortgage News)

Technology that makes it easier to submit bank and payroll data used to qualify borrowers for mortgages is on the verge of key approvals needed for its broad use. . . .

The range of borrowers who can get access to digital validations of data will likely broaden even more in the future, said Brent Chandler, founder and CEO of FormFree. FormFree offers technology called 3n1 that consolidates verifications of income, assets and employment.

“When we reach the point where we can assemble assets, income, employment, identity, public records, and credit in one place, we will be able to evaluate ability-to-pay dynamically any time,” he said. “At that point, we’ll be able to virtually underwrite borrowers on the spot.”

Read the full story in National Mortgage News.

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