FormFree partners with HomeScout to launch home loan tool

By Leandra Monteiro

FormFree ® has partnered with HomeScout, a wholly owned subsidiary of FirstClose®, to launch HomeScout Qualified Borrower, a tool that helps lenders generate leads and focus borrower conversion efforts on ready-to-use homebuyers. the mortgage.

HomeScout offers mortgage professionals a suite of tools designed to capture more purchase deals and close more loans by reaching in-market homebuyers early in their home buying journey. With the introduction of HomeScout Qualified Borrower, FormFree and HomeScout are helping potential buyers – including those with thin credit records or no credit score – understand their buying power and share it with lenders before completing a detailed loan application or to receive an initial loan estimate.

FormFree is a provider of Payability Analytics (ATP®) for the lending industry, including Verification of Assets (VOA), Verification of Income and Employment (VOI/E), and Payment History. rent payments. FormFree’s patent-pending Residual Income Knowledge Index™ (RIKI™) complements traditional credit scoring models with an analysis of a consumer’s cash flow and residual income, creating a more complete picture of a consumer’s credit worthiness. a borrower and potentially allowing more borrowers to qualify for a home loan.

“The systemic bias in today’s lending model, though unintended, has created a homeownership gap that has persisted for decades. FHFA is calling on the entire industry to make housing equity a priority, and FormFree is answering that call,” said FormFree, director of strategy Eric Lapin. “Our Qualified Borrower™ token provides the best-in-class information lenders need to responsibly extend credit to more borrowers while reducing exorbitant loan origination costs.”

“Our partnership with HomeScout redefines the way lenders interact with past customers and prospects by combining clear signals of home buying intent with a comprehensive understanding of each consumer’s ability to finance a home,” said Brent Chandler, founder and CEO of FormFree. “These are the highest quality leads the industry has ever seen.”

“Every day, hundreds of thousands of Americans begin their home buying journey online. With so many potential leads, the challenge for lenders is determining which buyers are both intent on buying a home and the ability to repay a mortgage,” said David Camp, president of HomeScout. “By combining our consumer marketing suite with FormFree’s Qualified Borrower token, HomeScout Qualified Borrower helps lenders more effectively connect with mortgage-ready homebuyers before they are scooped up by competitors. .”