Brent Chandler on empowering borrowers and driving transparency
FormFree is at the forefront of the mortgage industry, using technology to transform how lenders assess and expand access to credit. HousingWire’s Diego Sanchez sat down with FormFree’s Founder and CEO, Brent Chandler, at the MBA Annual Conference to discuss the company’s vision, new products, and mission to close the wealth gap.
Journey to financial identity and access to credit
Chandler founded FormFree nearly 17 years ago with a clear mission: to create a system that assesses a person’s true financial identity and provides that information to the lending community. “Everybody borrows money at some point, and everyone has an ability to pay,” Chandler said. “Our goal is to empower people to understand their own borrowing power and ensure lenders have access to that data.”
In early 2023, FormFree sold its AccountChek asset to Stewart, a move that allowed the company to focus on its broader mission. “It was about divesting one product so we could focus on fixing a broken system and expanding access to credit,” Chandler explained.
Passport and FormFree Exchange
FormFree’s newest products, Passport and FormFree Exchange, aim to redefine the lending experience. Passport creates a financial identity for borrowers, allowing them to securely share verified financial information. This digital Financial Identity Report provides insight into a borrower’s ability to pay, giving them confidence when approaching lenders.
Chandler compared FormFree Exchange to a marketplace that matches borrowers with lenders based on specific criteria. “It’s kind of like a Bumble for lending,” he joked. This matching engine enables lenders to create buy boxes and meet qualified borrowers in a one-to-one, efficient way.
Borrower assessment with RIKI
Chandler also highlighted a third offering, RIKI (Residual Income Knowledge Index), an index developed to quantify residual income as an alternative to traditional debt-to-income ratios. Inspired by Dodd-Frank regulations, RIKI leverages real-time data to predict a borrower’s ability to pay more accurately. Over a decade of data has shown that RIKI is equal to or superior to FICO in predicting delinquency.
A mission-driven approach to closing the wealth gap
Chandler’s mission isn’t just about technology—it’s about addressing systemic issues. As a former U.S. Marine, Chandler emphasized the importance of unity and inclusivity. “In the Marine Corps, we were all brothers and sisters. We were the greatest force together,” he recalled. “But when I realized that not everyone in this country lives with the same freedom and opportunity, it became my mission to change that.”
Chandler is particularly focused on expanding homeownership access for underserved communities, especially the Black community, where he sees the wealth gap widening. “Homeownership is the single largest vehicle for generating wealth in this country,” he stressed. “We have to address the discrimination that prevents access to credit and homeownership for many.”
FormFree’s future
Looking ahead, Chandler envisions FormFree at the epicenter of change in the mortgage industry. He sees a future where consumers are empowered with their own data and traditional credit norms are disrupted. “We can expand access to credit without increasing risk by understanding residual income upfront,” Chandler noted. “If we know your risk from the beginning, we can streamline the process, reduce costs, and provide homeownership opportunities without discrimination.”
Chandler believes this transformation is within reach in the next few years, not decades. “We’re creating a more inclusive and fair system that addresses the wealth gap head-on,” he concluded.
