Tag Archives: financial inclusion

FormFree announces enhancements to customer acquisition marketplace, FormFree Exchange

ATHENS, Ga., Oct. 25, 2024 (SEND2PRESS NEWSWIRE) — FormFree®, a leader in financial technology since 2007, today announced several enhancements to its customer acquisition marketplace, FormFree Exchange (FFX). Topping the list of enhancements is the auto-matching capability, connecting borrowers and lenders in seconds.

Image caption: FormFree.

FFX is the world’s first marketplace that obsesses about consumers and helps lenders and borrowers find the right match. By delivering a 1-to-1 connection and ensuring that consumers have complete control of their data, FFX is compliant with both TCPA and Rule 1033.

Using FormFree’s Passport, consumers can share all the core financial data required by loan underwriters — including identity, assets, income, employment, credit history and cash-flow data — in seconds, which generates a financial identity report and includes a Residual Income Knowledge Index (RIKI). Passport also gives consumers a qualified borrowing power, which provides a realistic estimate of how much they can afford to borrow and repay. In addition to functioning as a stand-alone web application, Passport lives in consumer-facing real estate sites like Realtor.com, resulting in high-intent leads flooding into FFX.

Lenders in FFX have pre-populated buy boxes with their loan parameters and are automatically and immediately matched with borrowers who fit their buy boxes. Borrowers are shown up to three lender options and choose the one that best fits their needs, ensuring compatibility and increasing application-to-close rates for lenders. The borrower’s personal identifying information stays anonymous during the matching process to remove any possible bias and ensure the lending decision is made solely on the financial identity report.

“FormFree has set out to enhance the lending experience for lenders and borrowers by making it easier for each to find the right fit,” stated FormFree Founder and CEO Brent Chandler. “As the TCPA 1-to-1 consent rule goes into effect in a couple of months, lenders will need to adjust their customer acquisition efforts. FFX is already in place, ensuring lenders don’t have to experience a drop in production as they adapt to new regulations.”

“I grew up in an underserved neighborhood, and FormFree’s mission of uplifting the underserved and unseen borrowers through Passport, RIKI and FFX resonated heavily with me,” said MOR Lending President Roy K. George, CMB. “In today’s market, there is also a significant credit-invisible population that can repay a loan, and I see FFX as a way to serve those individuals. Our experience with FFX has been very good; we’ve seen a 10-20% lead-to-application rate over the last couple of months. RIKI is a great tool for us because when we see a bank statement verified deal, we know there’s a greater potential for conversion.”

About FormFree®

FormFree empowers consumers to understand their ability to pay and share it with lenders like never before. Using FormFree’s Passport app, consumers can share all the core financial data required by loan underwriters — including identity, assets, income, employment, credit history and cash-flow data — in seconds. Once consumers are ready to transact, they can anonymously share their data on the FormFree Exchange (FFX) and receive immediate offers from a marketplace of lenders who fully understand their ability to pay, residual income and eligibility for down payment assistance and inclusive lending programs.

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

Tags: @RealFormFree #lending #fintech #financialservices #financialinclusion #homebuyers

NEWS SOURCE: FormFree

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FormFree upgrades Passport Wallet with simpler UI, VantageScore integration and streamlined asset validation

ATHENS, Ga. /ScoopCloud/ -- FormFree®, a leader in financial technology since 2007, today announced significant enhancements to Passport Wallet®, an innovative app that transforms how everyday people access loans. Available now in the Apple App Store and Google Play, the latest version of Passport Wallet is designed to make it easier than ever for consumers to understand their ability to pay and match with lenders.

Enhancements introduced since Passport Wallet's initial launch in January 2024 underscore FormFree's commitment to financial empowerment and inclusivity.

These include:

* Streamlined User Interface:
FormFree has listened to user feedback and responded by streamlining the borrower UI within the Passport Wallet app. More than 10 screens have been removed, resulting in a smoother and more efficient user journey. This enhancement is expected to increase the completion rate by consumers, reducing instances of app abandonment and ensuring a higher generation of Qualified Borrower Medallions. By making Passport Wallet more user-friendly, FormFree aims to facilitate stronger connections between consumers and financial institutions.

* Upgrade to VantageScore:
In a strategic move to enhance credit accessibility, FormFree has integrated VantageScore as the primary credit model within Passport Wallet, replacing the app's previous reliance on FICO. VantageScore, a proven alternative credit model that has been gaining market share since 2006, offers distinct advantages over traditional models, including more consistent scoring and the ability to score an additional 33 million consumers. This upgrade particularly benefits demographics such as "young to credit" borrowers, dormant consumers and those with no credit accounts, ensuring a more inclusive approach to credit assessment.

* Universal Connect Widget for Improved Asset Validation:
FormFree is revolutionizing asset validation within Passport Wallet with the introduction of a universal connect widget. This widget allows seamless connections to consumers' financial institutions through various data aggregators, including MX, Sophtron, and others. By expanding the sources for asset validation, FormFree enhances the accuracy and success rate of cash-flow analysis, providing a more comprehensive understanding of the consumer's borrowing capacity.

"At FormFree, we believe in a financial system that serves everyone. By listening to our users and continuously improving, we're creating a more inclusive and transparent financial future," said FormFree Founder and CEO Brent Chandler. "Passport Wallet is changing the way high-intent consumers who are ready for a mortgage loan find the perfect-match lender who's motivated to finance them."

Explore the enhanced features of Passport Wallet and discover your borrowing power today.

About FormFree®

FormFree empowers consumers to understand their ability to pay and share it with lenders like never before. Using FormFree's Passport Wallet® app, consumers can share all the core financial data required by loan underwriters - including identity, assets, income, employment, credit history and cash-flow data - in seconds. Once consumers are ready to transact, they can anonymously share their data on the FormFree Exchange (FFX) and receive immediate offers from a marketplace of lenders who fully understand their ability to pay, residual income and eligibility for down payment assistance and inclusive lending programs. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

FormFree®, a leader in financial technology since 2007, today announced significant enhancements to Passport Wallet®, an innovative app that transforms how everyday people access loans. Available now in the Apple App Store and Google Play, the latest version of Passport Wallet is designed to make it easier than ever for consumers to understand their ability to pay and match with lenders.

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

FormFree makes inaugural appearance on 2021 Inc. 5000, ranking 1444

ATHENS, Ga. /ScoopCloud/ -- FormFree® today announced it has ranked 1,444 on the 2021 Inc. 5000. This annual list represents a unique look at the most successful companies within the American economy's most dynamic segment: its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

FormFree has pioneered the effort to modernize and democratize credit decisioning with its AccountChek® and Passport™ products used by millions of consumers and thousands of lenders, including more than 60% of the industry's top-50 lenders. FormFree delights borrowers and lenders with a paperless experience that reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®.

"Our products have enhanced the lending experience for all parties. It's our mission to make the borrowing process simple and accurate," said FormFree Founder and CEO Brent Chandler. "All of us at FormFree are elated to be included on the Inc. 5000 list and even more determined to continue to take the hassle out of financial verification."

"The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled," says Scott Omelianuk, editor-in-chief of Inc. "Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we've lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people."

Among the Inc. 5000, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million. Combined, those companies added more than 610,000 jobs over the past three years. The complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

About FormFree®

FormFree® is a market-leading fintech company whose revolutionary products AccountChek® and Passport® make for a more inclusive credit decisioning landscape by enabling lenders to understand people's true ability to pay (ATP®). To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing trillions of dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination timelines and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

About Inc. Media

The world's most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including web sites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Vision Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.

Twitter: @RealFormFree @Inc #Inc5000 #mortgageindustry #fintech #financialinclusion

FormFree today announced it has ranked 1,444 on the 2021 Inc. 5000. This annual list represents a unique look at the most successful companies within the American economy's most dynamic segment: its independent small businesses. Intuit, Zappos, Under Armour, Microsoft, Patagonia and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

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

FormFree Elects Mortgage Banking Authority James Deitch, CPA, CMB to Board of Directors

ATHENS, Ga. /ScoopCloud/ -- FormFree® today announced the election of serial entrepreneur, mortgage banking executive and author James Deitch, CPA, CMB, to its board of directors. Deitch, a mortgage industry veteran of three decades, has counseled over 200 financial services businesses, served as president and CEO of five federally chartered banks and served on advisory panels for Fannie Mae (OTCMKTS: FNMA), Freddie Mac (OTCMKTS: FMCC), Truist (NYSE: TFC) and Wells Fargo (NYSE: WFC).

Deitch is the founder and CEO of Teraverde, a group of companies that helps banks and mortgage bankers streamline operations and improve processes and profitability while staying fully compliant with regulatory requirements. He is also a best-selling author, frequent speaker and authoritative thought leader in the residential real estate finance industry.

"Jim Deitch knows the mortgage industry inside and out," said FormFree Founder and CEO Brent Chandler. "As a recognized authority on credit policy and risk management who has led some of the nation's fastest-growing banks, Jim's guidance and experience will be invaluable to FormFree as we pursue our mission of enhancing the lending experience for everyone."

"It is an honor to work with the FormFree team," said Deitch. "Brent is a true visionary with a clear sense of mission to make data-driven credit available to all qualified borrowers. It will be a privilege to work with Brent on this vision."

Deitch is the author of the books Digitally Transforming the Mortgage Banking Industry, Strategically Transforming the Mortgage Banking Industry and Disruptive Fintech. He is a frequent contributor to industry-leading publications and an active speaker whose credits include the national meetings of the National Association of Home Builders, the Mortgage Bankers Association, TEC International, Coldwell Banker and Century 21.

About FormFree®

FormFree® is a market-leading fintech company whose revolutionary products AccountChek® and Passport® make for a more inclusive credit decisioning landscape by enabling lenders to understand people's true ability to pay (ATP®). To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing trillions of dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination timelines and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®.

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn: https://www.linkedin.com/company/formfree/.

FormFree today announced the election of serial entrepreneur, mortgage banking executive and author James Deitch, CPA, CMB, to its board of directors. Deitch, a mortgage industry veteran of three decades, has counseled over 200 financial services businesses, served as president and CEO of five federally chartered banks and served on advisory panels for Fannie Mae (OTCMKTS: FNMA), Freddie Mac (OTCMKTS: FMCC), Truist (NYSE: TFC) and Wells Fargo (NYSE: WFC).

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

MBA’s Charmaine Brown to Kick-Off Day One #HousingDC21 Discussion on Diversity, Equity and Inclusion

WASHINGTON, D.C. /ScoopCloud/ -- Housing Finance Strategies President Faith Schwartz today announced that Charmaine Brown, the Mortgage Bankers Association Director of Diversity, Equity & Inclusion will kick-off Day One of #HousingDC21, a 100% virtual housing summit being held on September 20-21, 2021.

"With a focus on the importance of Diversity, Equity & Inclusion, we are pleased to have Charmaine Brown as our opening speaker of Day One of #HousingDC21, the nation's premier housing policy conference," said Faith Schwartz.

In her role at MBA, Charmaine is responsible for expanding the association's strategic framework to ensure diversity, equity, and inclusion are embedded throughout its programs, practices, and member-services. Brown previously led Fannie Mae's Diversity and Inclusion Engagement and Outreach in its Office of Minority and Women Inclusion.

Dana Dillard of Housing Finance Strategies will co-host the opening event with MBA's Brown and share her experience in building a nationally recognized D&I program for a Top 5 mortgage servicer - work that led to her being named a HousingWire 2020 Women of Influence.

"I am so excited to share the stage with our industry's top Diversity, Equity and Inclusion leader in Charmaine. We will dig into the importance of the topic, the challenges that remain before us and our collective optimism for building out success strategies across mortgage," said Dillard.

Named "A Leading Lady in Housing" by MReport in 2016 and Diversity Journal's Woman-Worth Watching 2018, Charmaine Brown is recognized as a diversity and inclusion thought leader, innovator, and advocate.

Mrs. Brown is a member of the American Association for Access, Equity, and Diversity, a former member of Securities Industries and Financial Markets Association (SIFMA) Diversity and Inclusion Committee. She serves as the Vice-Chair of the American Mortgage Diversity Council (AMDC) and sits on the Housing Advisory Board of HomeFree USA. She is also the recipient of the Council for Inclusion in Financial Services (CIFS) Prism Award for promoting diversity and inclusion education in expansive thought as well as the National Urban League's McGannon award for relationship management and promoting diversity and inclusion.

With a focus on women executives in housing finance - but open to all who wish to attend, #HousingDC21 complimentary registration is now available by clicking here: https://www.housingdc21.com/.

Sponsors to-date of #HousingDC21 include FormFree, Caliber Home Loans, Freedom Mortgage, Black Knight Financial Services, Notarize, First American Financial Solutions, Genworth, RiskSpan, Class Valuation, Mortgage Connect, USMI, ReverseVision, FICO and DepthPR.

Housing Finance Strategies was established by Faith Schwartz in 2016 as a professional services and advisory firm specializing in mortgage modernization, housing policy and legislative and regulatory affairs. Schwartz serves on a number of bank and fintech boards and has a lengthy record of hosting and moderating housing industry events. Recently, Schwartz has partnered in creating and delivering multiple housing events and two national housing policy conferences. Info: https://housingfinancestrategies.com/

Housing Finance Strategies President Faith Schwartz today announced that Charmaine Brown, the Mortgage Bankers Association Director of Diversity, Equity & Inclusion will kick-off Day One of #HousingDC21, a 100% virtual housing summit being held on September 20-21, 2021.

Related link: https://housingfinancestrategies.com/

FormFree Launches Rebrand, New Website Aligned with Mission to Expand Financial Inclusivity

ATHENS, Ga. /ScoopCloud/ -- FormFree® today launched a new visual identity designed to reflect its mission of empowering consumers and lenders with a transparent view of borrower financial DNA. In tandem with the brand launch, FormFree unveiled a new website that speaks to both consumer and lender audiences about how its AccountChek® and Passport™ solutions enable better financial decisions.

FormFree's patented technology verifies and analyzes borrower financial DNA - direct-source asset, income, employment, identity and public records data - to provide a more accurate and holistic picture of a borrower's ability to pay (ATP) than traditional credit scoring alone.

"FormFree is ushering in a new era for lending, turning the current lender-driven verification model on its head and empowering consumers with transparency into and control over their financial DNA," said Sarah Crossley, director of marketing at FormFree. "With our visual rebrand and new website, we are able to tell the story of how greater insight into consumer financial DNA opens the door to improved credit decisioning and a more financially inclusive U.S. economy."

FormFree was founded in 2008 by former Wall Street executive Brent Chandler. The company's pioneering work in bringing direct-source data analytics to the U.S. mortgage market has earned it six appearances on the HousingWire Tech100 list of the housing economy's most innovative companies, among other accolades. FormFree's AccountChek and Passport solutions are used by thousands of lenders and millions of consumers each year.

To see FormFree's new brand in action, visit https://www.formfree.com/.

About FormFree:

FormFree is a market-leading fintech company whose revolutionary products AccountChek and Passport are building a more inclusive credit decisioning landscape by encouraging lenders to view borrower ability to pay (ATP) more holistically. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing over a trillion dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, reduces origination timelines by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey™.

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn at: https://www.linkedin.com/company/formfree/.

Twitter: @RealFormFree #mortgageindustry #fintech #branding #financialinclusion

*LOGO link for Media: https://www.Send2Press.com/300dpi/17-0926s2p-formfree-300dpi.jpg

FormFree today launched a new visual identity designed to reflect its mission of empowering consumers and lenders with a transparent view of borrower financial DNA. In tandem with the brand launch, FormFree unveiled a new website that speaks to both consumer and lender audiences about how its AccountChek and Passport solutions enable better financial decisions.

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