Arrive Home Partners with FormFree to Help Borrowers with Limited Credit History

Published 13 hours ago via Business Wire

Affordable housing innovator now offers lenders access to an alternative method to measure credit risk

National affordable housing innovator Arrive Home has partnered with FormFree, a leader in financial technology since 2007, to offer lender partners an alternative method to effectively measure a borrower’s credit risk and ability to pay. The partnership will expand homeownership opportunities for borrowers with limited credit history.

Arrive Home’s lender partners will now have access to Financial Identity Reports generated by FormFree that rely on its Residual Income Knowledge Index, or RIKI. RIKI is an intelligent system that assesses borrowers’ ability to pay based on monthly income and spending. When paired with traditional credit scoring models, RIKI offers lenders a more complete understanding of consumers’ creditworthiness.

“Nontraditional sources of automated underwriting increase opportunities for borrowers in marginalized communities who don’t have a FICO score or who have limited credit histories,” said Arrive Home President Tai Christensen. “This partnership with FormFree enables lenders to obtain a comprehensive assessment of their credit risk and help a large demographic of qualified borrowers achieve homeownership.”

“Traditional credit scoring systems leave behind a large segment of Americans, including minorities and first-time homebuyers,” added FormFree Founder and CEO Brent Chandler. “RIKI is paving a new path forward by providing a comprehensive analysis of creditworthiness for these borrowers, giving lenders a strong insight into a consumer’s ability to pay and providing an extra layer of certainty when extending credit.”

About Arrive Home

Arrive Home is a national affordable housing program and innovator in the mortgage space that offers down payment assistance and alternative credit solutions for all responsible borrowers, especially those in underserved communities. Arrive Home is dedicated to increasing minority homeownership by working with governmental entities, mortgage lenders and nonprofit groups to offer innovative and diverse mortgage products that are designed to enable correspondent lenders to confidently deliver loans to reliable borrowers. In doing so, Arrive Home aims to break down the barriers to homeownership in minority communities, making generational change, one home at a time.

About FormFree®

FormFree empowers consumers to understand their ability to pay and share it with lenders like never before. Using FormFree’s Passport app, consumers can share all the core financial data required by loan underwriters — including identity, assets, income, employment, credit history and cash-flow data — in seconds. Once consumers are ready to transact, they can anonymously share their data on the FormFree Exchange (FFX) and receive immediate offers from a marketplace of lenders who fully understand their ability to pay, residual income and eligibility for down payment assistance and inclusive lending programs. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

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