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.