FormFree is entering a new era, having strategically divested itself of asset-verification service AccountChek and naming a new president.
Eric Lapin, who joined FormFree in 2022 as chief strategy officer, was promoted to president, the company announced.
“FormFree is proud to have pioneered the mortgage industry’s first asset verification service, and that revolutionary spirit will propel the next phase of our growth,” said Lapin.
“Moving forward with a laser focus on the future will allow FormFree to innovate with the agility of a startup while benefitting from all the experience and wisdom we have accumulated over nearly two decades in business.”
Lapin said the company will now focus more on future innovators like blockchain and decentralized Web3 technologies. FormFree already has a privacy-oriented product, the Qualified Borrower (QB) token that allows consumers to share financial information while maintaining their privacy.
It also created Passport, a mobile application that automatically updates consumers’ financial info while letting them take control of their self-sovereign financial identity, and the Residual Knowledge Income Index, a method for evaluating creditworthiness based on cash-flow analysis.
The company will now focus on working towards new technologies that help consumers stay private while browsing, specifically in the mortgage lending space.
Under Lapin’s leadership, it hopes to also expand beyond mortgage origination into the home search, pre-purchase counseling, and loss mitigation sectors.
“FormFree changed the lending industry when we launched its first wave of digital transformation, and we’re ready to change it again by ushering in a new era of consumer empowerment and expanded access to credit for all people,” said CEO and founder Brett Chandler.
“As our new president, Eric will play a critical role in guiding FormFree’s next chapter as we double down on creating new avenues for lenders to responsibly serve credit invisibles and other underserved populations.”