FormFree has made several enhancements to its customer acquisition marketplace, including a new auto-matching capability that connects borrowers and lenders in seconds.
FFX is the world’s first marketplace that obsesses about consumers and helps lenders and borrowers find the right match, the firm says in a release.
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), FormFree says.
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,” says Brent Chandler, founder and CEO of FormFree, in the release. “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.”