DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/1511756
MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 8 November 2023 M T E C H FORMFREE UNVEILS NEW MARKETPLACE TO CONNECT LENDERS WITH QUALIFIED BORROWERS F ormFree announced the fourth quarter debut of FormFree Ex- change (FFX), a dynamic online marketplace that matches lenders with qualified borrowers for a faster, better, and fairer lending experience. FFX has been meticulously designed to address the challenges facing lenders and borrowers in the modern financial landscape. With interest rates and home prices driving down loan application numbers and the prohibitive costs of lead generation eroding lender profitabili- ty, FFX offers a solution that reshapes lending. "FormFree Exchange is where lenders meet qualified borrowers," said Brent Chandler, Founder and CEO of FormFree. "Our platform represents the future of lending, providing a transpar- ent and efficient way for home, auto, and consumer lenders to connect with high-intent borrowers. It's not just about making loans; it's about making lending accessible and profitable for all." How FFX Works: FFX eliminates the need for lenders to sift through unqualified or unready leads by providing verified financial data from borrowers who have already demonstrated that they are ready and willing to transact using FormFree's free Passport service. Lenders receive this data in the form of an anonymous Qualified Borrower (QB) Medallion that empowers them to make competitive loan offers while protecting borrowers' identities until an offer is extended and accepted. Attributes provided in a QB Medal- lion include: » Intent: Understanding the borrower's financial goals and requested loan type and amount » Assets: Detailed account balances and transaction history » Income: Validation of typical monthly income and income stability » Employment: Verification of employ- ment details and payment frequency » ATP Analytics: In-depth ability-to-pay insights, including cash-flow index, Residual Income Knowledge Index (RIKI), credit score, and rent payment history » CRA & DPA Eligibility: Identifica- tion of borrowers eligible for down payment assistance and programs for low-to-moderate income and minority consumers ZILLOW LAUNCHES NEW HOUSE HUNTING FEATURE BY SCHOOL DISTRICT Z illow has announced their search-by-school tool, a new feature on the Zillow app that allows home shoppers to discover homes for sale or rent within specific school attendance zones or school districts just by using the search bar. "Nearly one-third of home shoppers have children younger than 18, making 'search by school' an important fea- ture on the Zillow app," said Nicholas Stevens, VP of Product at Zillow. "We understand the perfect home often extends beyond the property itself, and this feature makes it easy for shoppers to explore homes for sale or rent in their desired school districts." The search-by-school feature is ac- cessed through the Zillow search bar and offers auto-complete suggestions for rel- evant schools and school districts based on the user's search history. Searching by school is currently available on Zillow's iOS mobile app and will launch on Android platforms by the end of the year and will be on the web in 2024. Additionally, Zillow is introducing the ability for home shoppers to receive instant or daily alerts about new for-sale or for-rent homes within their preferred school attendance zone or school district. Using the Zillow mobile app, searching for homes within a particular school attendance zone or school district is as simple as typing the name into the search bar. The feature helps home shop- pers by auto-completing their search, offering relevant suggestions for schools and school districts based on their previ- ous searches. Once a school or school district is se- lected, the app will automatically display the attendance zone boundaries on the map. Users will then see which homes are available for sale or rent within that attendance zone. Searches for open enrollment, or charter or private schools without assigned boundaries will display homes within a 5-mile radius surround- ing the school. FIRST AMERICAN TITLE'S UNDERWRITER SERVICES NOW INCLUDES PCN NETWORK'S SAFEVALIDATION SERVICE F irst American Title Insurance Company announced that PCN Network's SAFEvalidation ser- vice, a wire verification offering designed exclusively for title agents, is now includ- ed with First American Title's underwrit- ing services at no additional charge for First American insured transactions. Wire fraud is one of the biggest threats to everyone in a real estate trans- action. As wire fraud continues to grow, title agents need premier tools to help protect their buyers, sellers, and other real estate transaction participants. According to the Federal Bureau of Investigation's Internet Crime Complaint Center 2022 report, adjusted losses from business email compromise complaints exceeded $2.7 billion, an increase of $300 million from 2021. "Combating the threat of wire fraud is a top priority for everyone involved in real estate transactions," said Stephen Vincini, Agency Division President of First Ameri- can Title Insurance Company. "Providing this comprehensive wire verification ser-