{"id":83107,"date":"2022-06-30T16:40:25","date_gmt":"2022-06-30T20:40:25","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=83107"},"modified":"2022-06-30T17:46:30","modified_gmt":"2022-06-30T21:46:30","slug":"formfree-announces-support-for-new-freddie-mac-loan-product-advisor-enhancement-aimed-at-expanding-sustainable-homeownership-for-renters","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/formfree-announces-support-for-new-freddie-mac-loan-product-advisor-enhancement-aimed-at-expanding-sustainable-homeownership-for-renters\/","title":{"rendered":"FormFree announces support for new Freddie Mac Loan Product Advisor enhancement aimed at expanding sustainable homeownership for renters"},"content":{"rendered":"

ATHENS, Ga., June 30, 2022 (SEND2PRESS NEWSWIRE) — FormFree<\/a>\u00ae announced that mortgage lenders using AccountChek\u00ae verification of asset (VOA) reports in conjunction with a Freddie Mac Loan Product Advisor\u00ae (LPA℠) solution will soon benefit from an enhancement that takes loan applicants\u2019 12-month on-time rent payment history into consideration when assessing eligibility for qualified first-time homebuyers.<\/p>\n

\"FORMFREE\"
Image Caption: FormFree logo.<\/small><\/em><\/p>\n

The enhancement, which is effective once announced in the Freddie Mac July Guide Bulletin, is designed to expand sustainable homeownership for the millions of Americans by taking their rent payment history into account when assessing eligibility. The expansion of rent payment history can increase the number of mortgage loan applicants who receive an Eligible\/Accept recommendation in LPA.<\/p>\n

\u201cFreddie Mac is focused on offering value to our clients and improving the borrower experience as we continue to modernize the mortgage process,\u201d said Kevin Kauffman, Freddie Mac Single-Family Vice President of Client and Partner Delivery. \u201cFormFree has been a strong partner on this journey by helping lenders assess credit eligibility for qualified first-time homebuyers.\u201d<\/p>\n

LPA will automatically identify on-time rent payments \u2014 including those made via mobile apps like Venmo, Zelle and Paypal\u00a0\u2014 within AccountChek VOA reports and take them into consideration when assessing eligibility for qualified first-time homebuyers. Only on-time rent payments will be considered; LPA will not assess late or missing rent payments.<\/p>\n

\u201cFreddie Mac\u2019s move to have Loan Product Advisor consider rent payment history in its assessment is part of a much larger push for more equitable home financing practices,\u201d said FormFree Chief Customer Officer Christy Moss. \u201cPeople of color, who have disproportionately low homeownership rates and are overrepresented among credit invisible consumers will be most positively impacted by this enhancement to LPA.\u201d<\/p>\n

\u201cFormFree takes great pride in helping borrowers communicate their ability to pay and equipping lenders with the tools to confidently and efficiently verify borrower credentials,\u201d continued Moss. \u201cWe look forward to supporting Freddie Mac as it continues to deploy technology that improves access to sustainable credit for homebuyers.\u201d<\/p>\n

Lenders can leverage rent payment history assessment through LPA asset and income modeler (AIM) when they order AccountChek reports of any length, including 30-, 60-, 90- and 180-day reports. In supplying LPA with 12 months of rent payment history, AccountChek has established safeguards that ensure the collection of extended rent payment history does not expose lenders to non-rent transactions, such as large gift deposits, that occurred more than 90 days in the past.<\/p>\n

\u201cFormFree remains committed to developing and supporting solutions that correct the racial homeownership gap,\u201d said FormFree Founder and CEO Brent Chandler. \u201cUsing FICO scores alone to evaluate creditworthiness excludes a large swath of minority homeowners who pay their rent on time and responsibly manage their finances without borrowing money from creditors. Direct source financial data is the key to understanding consumers\u2019 true ability and FormFree applauds Freddie Mac\u2019s efforts to help lenders finance homeownership more equitably.\u201d<\/p>\n

For more information, visit https:\/\/www.formfree.com\/rent\/<\/a>.<\/p>\n

About FormFree:<\/strong><\/p>\n

FormFree\u00ae is a market-leading fintech company whose revolutionary products AccountChek\u00ae and Passport\u00ae make for a more inclusive credit decisioning landscape by enabling lenders to understand people\u2019s true ability to pay (ATP\u00ae). 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\u2019s 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\u00ae. For more information, visit https:\/\/www.formfree.com\/<\/a> or follow FormFree on LinkedIn<\/a>.<\/p>\n

Twitter: @FreddieMac @RealFormFree #mortgageindustry #fintech #digitalmortgage<\/p>\n

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ATHENS, Ga., June 30, 2022 (SEND2PRESS NEWSWIRE) — FormFree® announced that mortgage lenders using AccountChek® verification of asset (VOA) reports in conjunction with a Freddie Mac Loan Product Advisor® (LPA℠) solution will soon benefit from an enhancement that takes loan applicants’ 12-month on-time rent payment history into consideration when assessing eligibility for qualified first-time homebuyers.<\/p>\n","protected":false},"author":72,"featured_media":79159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[39,12804,14409,1,38,10711,123,6,5],"tags":[205,8952],"class_list":["post-83107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news","category-ap","category-athens-business","category-business-news","category-finance-news","category-fintech","category-georgia-news","category-software-news","category-technology-news","tag-depthpr","tag-freddie-mac","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":3989,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/83107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/72"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=83107"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/83107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/79159"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=83107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=83107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=83107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}