MX Helps FormFree Speed Up Loan Approval Process and Close More Than 1 Million Loans

SILICON SLOPES, Utah, April 13, 2021 /PRNewswire/ -- MX, the leader in modern connectivity and data enhancement for financial institutions, fintechs and organizations everywhere, today announced it has implemented API and token-based connections with FormFree, the leader in digital asset verification. FormFree improves lenders' ability to make more informed decisions about borrowers and minimizes lenders' risk while creating a seamless loan application experience for borrowers. By using MX's modern connections, the average aggregation time for FormFree connections decreased by 89 percent to 22 seconds from an average of 3 minutes and 30 seconds.

MX's modern connections—tokenized, credential-free API connections built with the highest security standards—help boost users' connection rate and get lenders the necessary data quickly. In partnership with MX, FormFree is further strengthening trust with its customers and improving satisfaction and retention—an improved experience that is anticipated to translate to roughly a 15% lift in annual revenue going forward for FormFree.

"Our experience with MX providing modern, secure connections has been world-class," said Brian Francis, CTO of FormFree. "We've experienced so many positive outcomes from this rollout, including a huge decrease in the time it takes to complete an aggregation event. We attribute that to making the move to API and OAuth-based connections."

FormFree leverages MX's Data Aggregation and Data Enhancement products to automate lenders' verification of applicants' identity, assets, income and employment. Since 2018, when FormFree began its partnership with MX, FormFree has used MX's tools to help lenders close more than 1 million loans. Overall, FormFree has helped lenders calculate, verify and quantify what consumers can afford for over $2 trillion in mortgage loans since its founding in 2008.

"We share a common vision with FormFree in helping people become financially strong by giving them the right tools. In this case it's by making it easier for lenders to access accurate permissioned data while streamlining the lending experience for the customer," said Nate Gardner, Chief Customer Officer of MX. "Through this partnership, MX supplies permissioned financial data to FormFree's Passport, which provides the lender and the borrower a far greater user experience. This is only possible through the quality and speed of MX's data connectivity and the accuracy of that data."

FormFree's mission is to empower everyone with data, intelligence, transparency and optionality in financial transactions. FormFree provides lenders with internal, permissioned digital alternatives to traditional credit scoring and the outdated process of providing paper documentation. Its newest product, called Passport^®, gives a full picture of applicants' Financial DNA^®—their assets, income, employment, credit analytics, identity, liens and judgements, and more—enabling lenders to holistically 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 everywhere connect to the world's financial data and turn raw, unstructured data into their most valuable asset to deliver intelligent and personalized money experiences. MX connects more than 16,000 financial institutions and fintechs 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 learn more follow us on Twitter and LinkedIn or visit www.mx.com.

About FormFree

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®). 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.

Contact:
Tom Cook
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SOURCE MX

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