FormFree

Overview

FormFree is a software company based in the United States, founded in 2008, that specializes in document intelligence solutions for the mortgage industry. The company has developed the Residual Income Knowledge Index® (RIKI®), which enables lenders to evaluate applicants who lack traditional credit scores by analyzing their complete financial picture, including rent and utility payment histories. This approach aims to address the challenges faced by approximately 50 million credit-invisible adults in the U.S., particularly impacting minority and younger homebuyers. FormFree's technology is utilized by mortgage lenders, such as Guild Mortgage, to provide a more equitable assessment of first-time homebuyers, allowing for potentially better interest rates and loan terms. The company emphasizes the efficiency of its solutions, which replace manual underwriting processes with consumer-permissioned data sourced directly from banks, thereby streamlining the application process and reducing dropout rates. FormFree's contributions to the mortgage sector reflect its focus on leveraging technology to enhance financial inclusivity and improve lending practices.

Industry