automated underwriting system Archives

ATHENS, Ga. /ScoopCloud/ -- FormFree® today announced that mortgage lenders will be able to use AccountChek® to help more lenders qualify more borrowers for home financing as a result of a recently announced Freddie Mac initiative that analyzes loan applicants' account transaction data as part of its automated underwriting system, Loan Product Advisor® (LPA℠). AccountChek users will be able to take advantage of LPA's enhancement when it goes live on November 6, 2022.

"By incorporating borrowers' cash flow assessments into its purchase eligibility assessment, Freddie Mac is helping lenders confidently provide a more inclusive path to homeownership within the communities they serve," said FormFree Founder and CEO Brent Chandler. "This additional assessment will also be beneficial to underserved communities and first-time homebuyers, who may have the financial means to support homeownership but have been unable to attain financing with existing automated risk tools."

When mortgage loan applicants authorize AccountChek to electronically fulfill verification of asset (VOA) reporting requirements, LPA assesses transaction data from checking, savings and investments accounts to identify positive monthly cash flow patterns. The cash flow assessment is only used to positively affect loan applicants' credit risk assessments; it does not negatively impact applicants' credit risk assessments. To help lenders increase access to home financing for more borrowers, LPA will notify lenders of loan files that do not have an electronic VOA report and could benefit from a cash flow assessment.

FormFree has long been a proponent of leveraging consumers' direct-source financial data to better assess their ability to repay loans. FormFree independently developed its Residual Income Knowledge Index(tm), known as RIKI(tm) (RIH-kee), which measures consumers' Ability-to-Pay (ATP®) for mortgages and other loans based on monthly income and spending. In July, Guild Mortgage introduced its Complete Rate lending program, which leverages RIKI to provide a more inclusive path to homeownership. In October, FormFree made RIKI available to lenders nationwide.

About FormFree®

As the industry's go-to provider for direct-source VOA and VOI/E data, FormFree helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open doors to more inclusive credit decisioning by revealing each customer's true ability to pay (ATP®). We have completed over $4 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

FormFree® today announced that mortgage lenders will be able to use AccountChek® to help more lenders qualify more borrowers for home financing as a result of a recently announced Freddie Mac initiative that analyzes loan applicants' account transaction data as part of its automated underwriting system, Loan Product Advisor® (LPA℠).

Related link: https://www.formfree.com/

SUNNYVALE, Calif. /ScoopCloud/ -- Automated underwriting insurtech Juniper Labs today announced that it is launching the first ever open-sourced data set purpose built for commercial insurance. Juniper Labs plans to release over 40 million business records it acquired to train its underwriting models for anyone to use.

"We are open-sourcing our data because we believe data is not a product. Data is a platform. We are setting out to dramatically change the way the industry views data - we believe the future of insurance is open," said Lance Poole, Juniper Labs CEO. "The thing that excites us about the philosophy of open-source, is that it allows for solutions to emerge that we couldn't have never created on our own."

Juniper Labs will give the carrier partners of Plug and Play the first opportunity to use the open dataset. "As we've had the privilege of being a part of Plug and Play, we've been in a position to see how forward-thinking the partners of Plug and Play are. Because of that, we want to invite the Plug and Play partners to be the anchor members of this open data community" said John Stevenson, Juniper Labs CTO.

By moving to an open source platform, Juniper Labs follows in the footsteps of other tech companies like Databricks, GitLab, MongoDB and Docker. Mr. Poole went further to state, "We believe that data in insurance has to be open. We want to establish a data protocol and if everyone is building their own walled gardens, that will never happen. We take a lot of inspiration from the world wide web. Tim Berners-Lee knew that the web would have never gotten critical mass if it wouldn't have been open. We can't own the data. We can only work with the community to be stewards of the data."

Carriers and executives interested in Juniper Lab's open data project are invited to sign up at openjuniper.com

About Juniper Labs:
Founded in 2019, Juniper Labs builds automated underwriting solutions for commercial insurance carriers. They have a suite of APIs that automate the application process and the challenge of properly classifying businesses. They are stewards of OpenJuniper, the first ever open dataset purpose built for commercial insurance.

Connect with Juniper Labs:
- https://www.juniperlabs.io
- https://twitter.com/labsjuniper

*PHOTO link for media: https://www.Send2Press.com/300dpi/19-1209s2p-lance-poole-300dpi.jpg
*Photo caption: Lance Poole, CEO of Juniper Labs.

Automated underwriting insurtech Juniper Labs today announced that it is launching the first ever open-sourced data set purpose built for commercial insurance. Juniper Labs plans to release over 40 million business records it acquired to train its underwriting models for anyone to use.

Related link: https://www.juniperlabs.io

ScoopCloud

The affordable PR newswire service

Tag Archives: automated underwriting system

FormFree supports Freddie Mac’s launch of innovative underwriting enhancement that uses cash flow analysis to help increase home financing access

Commercial Insurtech Juniper Labs Announces Open Data Launch at Plug and Play Winter Summit