HomeScout Qualified Borrower leverages consumer-permissioned data at the top of the sales funnel to deliver unprecedented lead quality
ATHENS, Ga., Aug. 8, 2022 /PRNewswire/ -- FormFree® has partnered with HomeScout, a wholly owned subsidiary of FirstClose®, to launch HomeScout Qualified Borrower, a tool that helps lenders generate leads and concentrate borrower conversion efforts on mortgage-ready home buyers.
HomeScout offers mortgage professionals a suite of tools built to capture more purchase business and close more loans by engaging with in-market home buyers early in their home buying journeys. With the introduction of HomeScout Qualified Borrower, FormFree and HomeScout helps prospective homebuyers — including those with thin credit files or no credit score at all — understand their buying power and share it with lenders before completing a detailed loan application or receiving an initial loan estimate.
FormFree is a leading provider of ability to pay (ATP®) analytics for the lending industry, including verification of assets (VOA), verification of income and employment (VOI/E) and rent payment history. FormFree's patent-pending Residual Income Knowledge Index™ (RIKI™) supplements traditional credit evaluation models with analysis of a consumer's cash flow and residual income, creating a more complete picture of a borrower's creditworthiness and potentially allowing more borrowers to qualify for a home loan.
"The systemic bias in today's lending model, however unintentional, has created a homeownership gap that has persisted for decades. The FHFA is calling upon the entire industry to make housing equity a priority, and FormFree is answering that call," said FormFree Chief Strategy Officer Eric Lapin. "Our Qualified Borrower™ token provides the top-of-funnel intelligence lenders need to responsibly extend credit to more borrowers while curbing sky-high loan origination costs."
"Our partnership with HomeScout redefines the way lenders engage with past customers and prospects by combining clear signals of home buying intent with a complete understanding of each consumer's ability to finance a home," said FormFree Founder and CEO Brent Chandler. "These are the highest-quality leads the industry has ever seen."
"Every day, hundreds of thousands of Americans start their home buying journeys online. With so many potential leads, the challenge for lenders is figuring out which buyers have both the intent to buy a home and the ability to repay a mortgage loan," said David Camp, President of HomeScout. "By combining our consumer marketing suite with FormFree's Qualified Borrower token, HomeScout Qualified Borrower helps lenders more efficiently connect with mortgage-ready home buyers before they are scooped up by competitors."
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®). Our vision is to leverage source data and data-driven intelligence to usher in a new era of transparent, fair and liquid credit markets. 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.
HomeScout is a lender-centric platform dedicated to growing conversions and retention rates for the mortgage industry. HomeScout, LLC is a wholly owned subsidiary of FirstClose®, a highly respected financial technology provider. This strategic partnership provides mortgage industry professionals with access to an extraordinary suite of solutions to best serve in-market home buyers and sellers, while also providing the necessary tools to amplify business growth.
With HomeScout, consumers will find all the tools they need to help them through the home buying and selling journey, including a branded and secure search portal.
HomeScout is committed to the retention and growth of database clients while providing commission security and consistency for mortgage professionals and organizations.
For more information on HomeScout visit https://homescout.realty.com/.
Twitter: @RealFormFree @FirstClose #fintech #digitalmortgage
This release was issued through Send2Press®, a unit of Neotrope®. For more information, visit Send2Press Newswire at https://www.Send2Press.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/formfree-partners-with-homescout-to-help-lenders-identify-mortgage-ready-borrowers-earlier-in-the-home-buying-journey-301601122.html