FormFree joins ACUMA as an affiliate member

FormFree® today announced it has joined the American Credit Union Mortgage Association (ACUMA) as an affiliate member. Through its membership, FormFree aims to help credit unions provide more inclusive pathways to homeownership by introducing them to residual income analytics, a methodology for gaining enhanced insight into borrowers’ ability to repay loans.

FormFree develops cutting-edge technology that helps lenders better understand credit risk, particularly for historically underserved borrowers that have no credit history, thin credit files and lower credit scores. Passport® enables borrowers to share their Financial DNA with lenders, which is comprised of consumers’ direct-source financial data. FormFree’s patent-pending Residual Knowledge Income Index™ (RIKI™) enables lenders to assess consumer creditworthiness with an innovative combination of cashflow and residual income analysis — methodologies that support more inclusive credit decisions.

“Credit unions play an important role in helping the communities they serve to build wealth and buy homes,” said FormFree CEO Brent Chandler. “It is my hope that joining ACUMA will allow us to enable credit unions to extend financing to more creditworthy members by gaining a deeper understanding of their true ability to pay.”

ACUMA is an organization dedicated to helping credit unions optimize their real estate financing services. ACUMA member organizations include federal- and state-chartered credit unions and Credit Union Service Organizations (CUSOs), mortgage insurance companies, secondary market investors and investment banking firms and mortgage technology firms.

“Our organization serves as a vital resource in creating opportunities for credit union professionals and their primary suppliers to network, share knowledge, build relationships and grow market share,” said ACUMA President Peter J. Benjamin, CMB. “We are delighted to introduce an extra asset to our members and extend a warm welcome to FormFree.”

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