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December 11, 2020

What happens when borrowers have more control of the lending process? (HousingWire)

Through every financial transaction in a person’s life — whether a mortgage, auto, student or personal loan — there is one constant: the borrower.

Yet borrowers have had limited agency in the lending process to date. Lenders have always controlled access to borrowers’ ability to pay (ATP) information and, by extension, the transaction as a whole. And because lenders only collect borrower data at a specific point in time — typically, during loan qualification or underwriting — their understanding of a consumer’s ATP has a limited shelf life.

FormFree, the ATP fintech led by HousingWire Tech Trendsetter Brent Chandler, is launching a blockchain-based exchange for consumers to take control of the lending process.

Read the full article in HousingWire.