FormFree has enhanced its Passport Wallet solution by adding a new user interface that makes it easier for consumers to understand their ability to pay and match with lenders.
Based on user feedback, more than 10 screens have been removed, resulting in a smoother and more efficient user journey. This enhancement is expected to increase the completion rate by consumers, reducing instances of app abandonment and ensuring a higher generation of Qualified Borrower Medallions, the company says in a release.
By making Passport Wallet more user-friendly, FormFree aims to facilitate stronger connections between consumers and financial institutions.
In addition, the app now has VantageScore as the primary credit model, replacing the app’s previous reliance on FICO.
VantageScore, a proven alternative credit model that has been gaining market share since 2006, offers distinct advantages over traditional models, including more consistent scoring and the ability to score an additional 33 million consumers.
This upgrade particularly benefits demographics such as “young to credit” borrowers, dormant consumers and those with no credit accounts, ensuring a more inclusive approach to credit assessment.
The new version also introduces a universal connect widget that allows seamless connections to consumers’ financial institutions through various data aggregators, including MX, Sophtron, and others.
By expanding the sources for asset validation, FormFree enhances the accuracy and success rate of cash-flow analysis, providing a more comprehensive understanding of the consumer’s borrowing capacity.
“At FormFree, we believe in a financial system that serves everyone. By listening to our users and continuously improving, we’re creating a more inclusive and transparent financial future,” says Brent Chandler, founder and CEO of FormFree. “Passport Wallet is changing the way high-intent consumers who are ready for a mortgage loan find the perfect-match lender who’s motivated to finance them.”
Photo: Bruce Mars