When FormFree CEO and Founder Brent Chandler shares what he sees on the horizon of evaluating borrower ability-to-pay (ATP), it’s worth a listen, especially given the fact that he introduced electronic asset verification to the world of mortgage lending. In a recent HousingWire article, Chandler writes: “The faster lenders move away from traditional credit scoring and toward ATP scores fueled by direct-source data, the sooner we can help the 50 million Americans without credit scores and the tens of millions of people whose income and employment have been affected by the pandemic. That’s because applications like Passport consider cash flow from both traditional and non-traditional income (i.e., the gig economy) and use sophisticated algorithms to evaluate credit risk, credit resiliency and other factors that aren’t discernable from traditional FICO scores.”
Read the story as it originally appears in Rob Chrisman.
