MReport August 2022

TheMReport — News and strategies for the evolving mortgage marketplace.

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M R EP O RT | 7 MTECH of white and Asian people), and an additional 13% of Black and 12% of Hispanic people have unscored records (compared to 7% of white people). "Hispanic immigrants tend to use credit much less frequently than other populations, which makes it tougher to qualify for mortgages, and unfortunately some very deserving people are either not getting approved to buy a home or are paying more for their home loan due to their lack of credit history," said Gary Acosta, Co-Founder and CEO, The National Association of Hispanic Real Estate Professionals (NAHREP). FormFree provides the rental payment history, residual income analysis, and other data points used by Guild's Complete Rate program as an alternative method of measuring default risk for borrowers with no credit score. FormFree's proprietary analysis of bank transaction and balance data is retrieved directly from finan- cial institutions with consumers' explicit consent. "To responsibly extend credit to more borrowers with non- traditional credit, lenders need a new way to measure their ability to repay that they can use alongside other information about a borrower's creditworthiness," FormFree CEO Brent Chandler said. "FormFree is proud to furnish the residual income analytics—what we call a Residual Income Knowledge Index, or RIKI for short—behind Guild's Complete Rate program. Guild has been a vocal champion of the mortgage industry's need for alter- native measures to assess risk, and we are proud to be taking this first step toward creating a more inclusive path to homeownership through our strategic partnership." Streamlining Account Management FLOIFY RELEASES SINGLE SIGN-ON FUNCTIONALITY FOR IMPROVED SECURITY F loify has released its new Single Sign-On (SSO) functionality, providing lenders and LOs with a quick way to make the mortgage process even easier and more secure for borrowers. SSO uti- lizes a centralized authentication service where one set of log-in credentials can be used to access multiple systems and applica- tions. By relying on a single set of trusted credentials from widely- used platforms, such as Google or Facebook, borrowers are able to streamline account creation and management when joining new applications. Floify's SSO also empowers mortgage companies using the OpenID Connect authentication protocol to integrate Floify with their own company-specific user verification system. By allowing borrowers to use the same log-in credentials for Floify and the company's website, this unique customization enables a more seamless experience for the con- sumer as they interact with the company's brand. "Shortening application-to-close time is key. When lenders and originators leverage Floify's built- in borrower SSO functionality, they are able to reduce friction in the early stages of the mortgage origination process, while at the same time improving information security," Floify President and General Manager Sofia Rossato said. "In addition, the simplic- ity of SSO makes it more likely that a borrower who has paused their application will come back to complete it, thereby improving loan close rates." Floify's SSO is an optional feature that can be enabled by a company administrator. Once enabled, origination teams will find that their Floify landing pages and 1003 loan application now present borrowers with the option to use Google, Facebook or company-specific SSO credentials to create an account or start their application. Winning the Bidding War GUARANTEED RATE'S NEW OFFERING HELPS BUYERS COMPETE WITH ALL-CASH OFFERS G uaranteed Rate has launched its new Power- Bid Approval, a program designed to give homebuyers the strength, speed, and confidence they have to have to compete against deep-pocketed cash buy- ers and institutional investors. A recent report from the National Association of Realtors (NAR) Research Group found that 13% of residential home sales last year were from corporate interests. PowerBid Approval provides buyers and sellers with the confidence of a fast, fully un- derwritten approval, confirming the borrower is qualified to buy now. PowerBid Approval's turn times mean borrowers get quick approvals, often in less than 24 hours. "At Guaranteed Rate, we are constantly looking for ways to enhance the homebuying experi- ence for our customers," said Paul Anastos, Guaranteed Rate's Chief Innovation Officer. "Our exclusive new PowerBid Approval comes at a time when so many people are looking for ways to win in the current market. This incredibly fast and powerful new tool is an awesome way for buyers to stand out and land the house they really want."

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