has announced that it has been selected as a third-party service provider for the new Freddie Mac Loan Advisor automated income and asset assessment capabilities, which provide a faster, easier way for lenders to verify loan application data upfront. Finicity’s digital verification reports greatly improve efficiency and accuracy, while also providing a simpler, more pleasant borrower experience.
“Finicity loves working with digital innovators. Lenders need digital services to compete and meet customer expectations, and Freddie Mac gets it,” said Steve Smith, CEO and Co-Founder of Finicity. “They are pushing hard to help lenders remove hassles for borrowers while reducing complexity, cost and risk in loan originations.”
Finicity’s verification reports are integrated within Freddie Mac Loan Product Advisor. When the capability goes live later this quarter, asset verification will be generally available and income verification will be available as a limited release.
“Finicity’s high quality data, combined with their data intelligence capabilities and Loan Product Advisor’s superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers, giving them the Freddie Edge,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution for the Single-Family Business. “This industry-leading solution gives our clients that competitive advantage.”