have announced an integration to provide digital, real-time asset verification to the mortgage lending industry.
Earlier this year, Finicity launched a set of asset and income verification products that bring the benefits of big data into the digitization of the loan origination market. Among its new products, Finicity’s Verification of Assets (VoA) solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is the only asset verification provider that is also a Consumer Reporting Agency (CRA) that directly collects, manages and secures data from financial institutions for an asset verification report.
DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.
With this new integration, Finicity’s VoA solution will be directly integrated into DataVerify’s DRIVE platform, a solution that automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud, misrepresentation and data integrity. Lenders will now be able to access Finicity VoA reports through the DataVerify system as part of their loan review process.
“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, Chief Executive Officer of Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”
Brad Bogel, Senior Vice President of DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification provided by Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”