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
This press release was issued on behalf of the news source (FormFree), who is solely responsible for its accuracy, by Send2Press Newswire.
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