Finicity is expanding its one-touch Mortgage Verification Service availability within ICE Mortgage Technology.
Finicity is expanding its one-touch Mortgage Verification Service availability within ICE Mortgage Technology. With the latest integration, borrowers will be able to permission data that will allow lenders to quickly verify assets, income and employment, according to Finicity.
The verification can be accepted by both Freddie Mac and Fannie Mae and makes the loan eligible for representation and warranty relief in place of a cumbersome and difficult manual loan documentation process. With more lenders and borrowers adopting digital mortgage experiences, moving from a largely manual process to a more digital one creates an enhanced overall experience, according to the company.
“With MVS integrated into Encompass and Encompass Consumer Connect, our goals are to reduce risk for lenders, create an overall improved consumer experience, and ultimately simplify the mortgage process for everyone by helping borrowers prove their creditworthiness in a more robust, yet streamlined way,” said Steve Smith, Mastercard’s head of global open banking.