{"id":89185,"date":"2023-03-15T07:00:16","date_gmt":"2023-03-15T11:00:16","guid":{"rendered":"https:\/\/www.send2press.com\/wire\/?p=89185"},"modified":"2023-03-14T19:20:04","modified_gmt":"2023-03-14T23:20:04","slug":"greenlyne-adopts-formfrees-residual-income-knowledge-index-to-unlock-greater-inclusivity-in-mortgage-lending","status":"publish","type":"post","link":"https:\/\/www.send2press.com\/wire\/greenlyne-adopts-formfrees-residual-income-knowledge-index-to-unlock-greater-inclusivity-in-mortgage-lending\/","title":{"rendered":"GreenLyne adopts FormFree’s Residual Income Knowledge Index to unlock greater inclusivity in mortgage lending"},"content":{"rendered":"

ATHENS, Ga., March 15, 2023 (SEND2PRESS NEWSWIRE) — FormFree<\/a>\u00ae today announced that Inclusive-Finance-as-a-Service platform GreenLyne<\/a> has enhanced its ability to help lenders identify home financing opportunities for underserved consumers with its adoption of FormFree\u2019s Residual Income Knowledge Index<\/a>™ (RIKI™).<\/p>\n

\"FORMFREE
Image Caption: FormFree and GreenLyne.<\/em><\/p>\n

GreenLyne technology enables mortgage lenders to finance borrowers who have the capacity to support a mortgage but typically would be deemed ineligible for home financing. FormFree\u2019s patent-pending RIKI (pronounced \u201cRIH-kee\u201d) is a risk-analysis model that analyzes cash flow and residual income to ascertain a more complete picture of a borrower\u2019s creditworthiness than traditional credit scoring alone. By incorporating RIKI into its Automated Second-Look Engine, GreenLyne can more precisely and fairly predict a borrower\u2019s risk of default and thereby set appropriate loan terms that balance profitability for the lender and affordability for the homebuyer.<\/p>\n

Because standard underwriting models are unable to assess default risk for borrowers who have thin credit files or FICO scores below 660, these borrowers are often excluded from housing finance. According to the Urban Institute<\/a>, more than 39 million Americans have a credit score between 600-660 and are mortgage-ready, yet struggle to obtain a mortgage.<\/p>\n

\u201cToo many consumers who have a steady income and dutifully pay their bills on time are being excluded from homeownership because mortgage lenders haven\u2019t had tools to assess their ability to pay. In effect, these consumers are being punished for an industry\u2019s weakness, which is profoundly unfair,\u201d said FormFree Founder and CEO Brent Chandler. \u201cWe are proud to provide GreenLyne with RIKI\u2019s residual income analytics so it can pave a more inclusive path to homeownership for a large cohort of Americans.\u201d<\/p>\n

\u201cGreenLyne\u2019s fair lending credit underwriting innovation provides a precise path to safely and soundly expand homeownership for a large, unfairly underserved segment of Americans,\u201d said GreenLyne CEO Syeed Mansur. \u201cWe are delighted to forge a deep partnership with FormFree, which couples a new era of consumer financial data with breakthrough advances in high accuracy credit risk prediction and fair underwriting that optimally balance affordability for borrowers and profitability for lenders.\u201d<\/p>\n

About FormFree\u00ae<\/strong><\/p>\n

FormFree helps lenders understand credit risk like never before with its patented Passport\u00ae product, which opens doors to more inclusive credit decisioning by revealing each customer\u2019s true ability to pay (ATP\u00ae), and patent-pending Residual Knowledge Income Index™ (RIKI™), an innovative method for evaluating consumer creditworthiness based on residual income analysis. For more information, visit https:\/\/www.formfree.com\/<\/a> or follow FormFree on LinkedIn<\/a>.<\/p>\n

Twitter: @RealFormFree #fintech #digitalmortgage #mortgage<\/p>\n","protected":false},"excerpt":{"rendered":"

ATHENS, Ga., March 15, 2023 (SEND2PRESS NEWSWIRE) — FormFree® today announced that Inclusive-Finance-as-a-Service platform GreenLyne has enhanced its ability to help lenders identify home financing opportunities for underserved consumers with its adoption of FormFree’s Residual Income Knowledge Index™ (RIKI™).<\/p>\n","protected":false},"author":72,"featured_media":89184,"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":[205,14634,18617],"class_list":["post-89185","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-home-financing","tag-residual-income-knowledge-index","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":4011,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/89185","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=89185"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/89185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/89184"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=89185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=89185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=89185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}