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The partnership will integrate employment and income data into its financial fitness app to help qualify consumers for a mortgage. This partnership will enable consumers to securely connect their payroll data from over 110 million U.S. employers directly into their FinLocker app, empowering consumers to present themselves to their financial institution as verified borrowers, with their identity, employment, income, credit, and assets confirmed within their app, according to the companies.
The Argyle and FinLocker partnership was created to enhance a consumer’s experience with their FinLocker app. Mortgage lenders, banks, and credit unions will now have access to consumers with verified identification, income, and payroll data, in addition to the existing assets and liability data currently provided by the consumers’ financial institutions. Consumers can share this data directly from their FinLocker to start the mortgage application.
“Mortgage decisions are based on a lender’s ability to verify a borrower’s identity, employment, income, credit, and assets. However, this frequently laborious process often requires the borrower to provide multiple documents to their lender, causing friction and slowing down the decision process,” said Henry Cason, CEO of FinLocker. “We chose to partner with Argyle to enhance FinLocker’s data verification process because they align with our mission of empowering borrowers to leverage their consumer-permissioned financial data to gain access to mortgages in an unbiased and more efficient manner.”
"Many workers are kept from financial upward mobility because income and employment data has traditionally been hard to manage, store, and keep track of—and fair access remains elusive. The FinLocker-Argyle partnership gives lenders accurate, real-time visibility into income and employment data so that they can mitigate risk and safely provide valuable mortgage and refinancing services to more individuals,” said Shmulik Fishman, CEO and founder of Argyle. “We are at the forefront of a monumental shift toward more equitable and user-permissioned standards for mortgage lending to help people achieve their dreams of buying a new home or benefit from refinancing."
By accessing income and employment data directly from the payroll system, Argyle says that it can eliminate substantial friction, like manual document uploads or employment verification phone calls, for both borrowers and loan processing teams. This could possibly mean shorter turn times for For mortgage lenders, banks, and credit unions and instant verifications for more than 70% of the U.S. workforce.