MBA Premier Member Profile: FormFree
(One in a continuing series of profiles of Premier Members of the Mortgage Bankers Association.)
FormFree® is a 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 times by up to 20 days and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey™.
Brent Chandler, Founder and CEO
MBA NEWSLINK: What are some key trends your company is tracking?
BRENT CHANDLER: Right now, we are tracking four key technology trends: blockchain and smart contracts, artificial intelligence for credit decisioning, open banking standards development and consumer consent issues.
We monitor AI and machine learning advancements because they play a critical role in our ability to correctly identify and analyze the consumer data used to determine borrower ability to pay. We closely align ourselves with organizations such as the Financial Data Exchange (FDX) to establish common, open banking standards that make it easy and secure for consumers to share, and businesses to access, consumer financial data. In addition, we track privacy and consumer consent issues because they also impact consumers’ ability to freely access their financial data and grant others access to it for verification purposes.
NEWSLINK: Why did your company join the Mortgage Bankers Association?
CHANDLER: MBA is the most influential organization advocating for and cultivating advancement within the mortgage industry. We joined to enjoy the MBA’s many benefits and strengthen the organization with our fiscal support and active participation.
NEWSLINK: How has being an MBA Premier Member benefited your company?
CHANDLER: MBA retains a dedicated staff of economic and policy experts that serve as a leading source of mortgage industry insight for policy makers, GSEs and leading media outlets. As such, the MBA has proven to be a powerful vessel for FormFree to communicate the urgent need to improve how consumer creditworthiness is evaluated with direct-source consumer data.
(MBA Premier Member Profiles are a service provided by the Mortgage Bankers Association and MBA NewsLink as a service to MBA Premier Members. Publication does not constitute an endorsement of a particular company, product or service. For more information about the MBA Premier Member program, call 202/557-2779.)