Skip to main content

Finicity Launches Comprehensive Mortgage Verification Service

Feb 25, 2021
Finicity logo.
Director of Events

Finicity, a Mastercard company and leading provider of open banking solutions, announced its one-touch Mortgage Verification Service (MVS).

Finicity, a Mastercard company and leading provider of open banking solutions, announced its one-touch Mortgage Verification Service (MVS), in hopes to make mortgage origination simpler for lenders who adopt its technology. According to Finicity, the solution allows consumers to permission data, quickly and easily, so lenders can verify assets, income and employment in a single interaction with borrowers that takes seconds or minutes instead of days or weeks. The verification is accepted by both Freddie Mac and Fannie Mae in place of cumbersome manual loan documentation.

While mortgage lending has rapidly moved toward a digital experience, the verification process has largely remained a manual, paper-driven process. By reducing the burden of manual methods of documentation, Finicity estimates it may be able to shave 8-12 days off the origination process for rapid loan closing.

Through Finicity Lend’s Mortgage Verification Service, Finicity’s open banking platform leverages high-value data available from financial institutions and payroll processors to provide accurate, real-time insights into a borrower’s current assets, income and employment. The solution offers flexible flows for different mortgage lending use cases — from refinancing to new purchases, qualified to non-qualified mortgages.

"With Finicity Lend, our ultimate goals are to help mitigate risk for lenders, create an improved consumer experience, and ultimately increase overall financial inclusion by helping borrowers better prove their creditworthiness," said Finicity CEO and co-founder Steve Smith.

The Finicity Lend Mortgage Verification Service is accepted by both GSEs as a valid demonstration of a borrower’s assets, income and employment.

"Freddie Mac has been at the forefront of advancing the digital mortgage experience that today's borrowers have come to expect," said Rick Lang, Single-Family vice president of Strategy and Integration at Freddie Mac. "Our data-driven strategy helps produce safer loans and reduces the paper chase so our clients can speed up underwriting and bring borrowers to the closing table sooner."

"At Fannie Mae, we’ve been pioneering the digital technologies that will make the borrowing experience faster and easier for borrowers," said Chuck Walker, vice president, Digital Alliances and Distribution at Fannie Mae. "Manually providing verification documents is a time-consuming and stressful process, so addressing asset, income and employment verification is central to moving the industry toward the ideal digital mortgage." 

About the author
Director of Events
Navi Persaud is Director of Events at NMP.
Published
Feb 25, 2021
More from
Tech
Figure Launches TBA Market For Non-Agency Loans

Currently handling only HELOCs, Figure Connect has new products coming soon, says Chief Capital Officer.

Jun 12, 2024
Fidelity National Financial Names Jason Nadeau As Chief Artificial Intelligence Officer

Nadeau joined Fidelity National Financial in 2018, serving as Chief Digital Officer

May 23, 2024
Planet Home Lending Welcomes New Executive Vice President And Chief Information Officer

Bill Shuler brings a diverse background in IT leadership and mortgage consulting to the role

May 21, 2024
Automation Attracts Investors Who Love Homogenous Loan Pools

Human-free underwriting promises to expand primary and secondary, non-agency markets

May 02, 2024
Raising An Ai Brainchild In The Mortgage Industry

Angel Ai takes on the next five years with a new ‘do and functions to boot

May 02, 2024
NAR Partners With SoFi

NAR members and their clients can receive exclusive rates and discounts on mortgages, student loan refinancing and personal loans.

Apr 09, 2024