MX helps FormFree speed up loan approval process and close over 1 million loans


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SILICON SLOPES, Utah, April 13, 2021 / PRNewswire / – MX, the leader in modern connectivity and data enhancement for financial institutions, fintechs and organizations around the world, today announced that it has implemented APIs and connections based on tokens with FormFree, the leader in digital asset verification. FormFree improves the ability of lenders to make more informed decisions about borrowers and minimizes lender risk while creating a seamless loan application experience for borrowers. Using modern MX connections, the average aggregation time for FormFree connections decreased 89% to 22 seconds, from an average of 3 minutes and 30 seconds.

MX’s modern logins – that is, tokenized, login-less API logins designed with the highest security standards – help increase user login rates and quickly provide lenders with needed data. In partnership with MX, FormFree further builds trust with its customers and improves satisfaction and retention, an enhanced experience that is expected to translate into an approximately 15% increase in FormFree’s annual revenue.

“Our experience with MX providing modern and secure connections has been world class,” said Brian Francois, CTO of FormFree. “We have seen so many positive results from this deployment, including a huge decrease in the time it takes to complete an aggregation event. We attribute this to the shift to API and OAuth connections. “

FormFree leverages MX’s data aggregation and enhancement products to automate lender verification of candidate identity, assets, income and employment. Since 2018, when FormFree began its partnership with MX, FormFree has used MX tools to help lenders close over 1 million loans. Overall, FormFree has helped lenders calculate, verify and quantify what consumers can afford for over 2,000 billion dollars in mortgage loans since its creation in 2008.

“We share a common vision with FormFree to help people become financially strong by giving them the right tools. In this case, it’s about making it easier for lenders to access precise authorized data while streamlining the lending experience for the client, ”said Nate gardner, MX Client Manager. “Through this partnership, MX provides authorized financial data to FormFree’s Passport, which provides the lender and borrower with a much better user experience. This is only possible because of the quality and speed of MX’s data connectivity and the accuracy of that data.

FormFree’s mission is to give everyone the data, intelligence, transparency and optionality in financial transactions. FormFree provides lenders with internal, authorized digital alternatives to traditional credit scoring and the outdated process of providing paper documentation. Its newest product, called Passport®, gives a complete picture of the financial DNA of the candidates®– their assets, income, employment, credit scans, identity, privileges and judgments, and more – allowing lenders to comprehensively assess their ability to pay.

To read the full MX-FormFree case study, visit https://www.mx.com/case-studies/formfree-modern-connectivity

About MX

MX, the leader in modern connectivity and data enhancement for financial institutions and fintechs, helps organizations around the world connect to the world’s financial data and turn raw, unstructured data into their greatest asset. more valuable to deliver smart and personalized monetary experiences. MX connects more than 16,000 financial and fintech institutions, providing the industry’s most reliable and secure data connectivity network. Additionally, MX powers 85% of digital banking providers, as well as thousands of banks, credit unions, and fintechs, with a combined reach of over 200 million consumers. To find out more follow us on Twitter and LinkedIn or visit www.mx.com.

About FormFree

FormFree® is a market-leading financial technology company whose revolutionary AccountChek® and Passport® products create a more inclusive credit decision landscape by enabling lenders to understand People’s True Payability (ATP®). To date, thousands of US lenders and brokers have ordered millions of patented audit reports from FormFree, representing billions of dollars in loan audits. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination times, and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®. For more information visit https://www.formfree.com/ Where follow FormFree on LinkedIn.

Contact:
Tom cook
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SOURCE MX

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