Xactus has announced a new strategic partnership with Plaid, a global financial data network, that will bring Plaid's FCRA-compliant Verification of Assets (VOA) solution to Xactus360, expanding the platform's intelligent verification capabilities for mortgage lenders.
The integration, once developed, will make it easier for lenders to leverage Plaid's secure account linking experience which delivers conversion rates as high as 80% in lending flows. Once a consumer consents to share their bank account data, lenders can access a comprehensive VOA Report with up to two years of categorized inflows and outflows, average account balances, asset derived income, and more while maintaining compliance and data integrity across the mortgage process.
"Plaid is one of the most recognized and trusted fintech platforms in the world, and their verification technology is already used by one in two Americans with bank accounts," said Thomas Lloyd, chief strategy officer at Xactus. "By bringing Plaid's VOA solution into Xactus360, we are giving lenders another powerful option within our Intelligent Verification Platform that makes verification faster, simpler, and smarter for both lenders and consumers."
Lenders using Xactus360 will be able to access Plaid's VOA solution directly within their existing workflows, alongside credit, income, and employment verifications, to streamline processes and accelerate loan decisioning. The solution is also compatible with Fannie Mae's Desktop Underwriter (DU) validation service and Freddie Mac's Loan Product Advisor (LPA) asset and income modeler (AIM).
"Real-time, consumer-permissioned data is transforming how lenders assess risk and serve borrowers," said Jonathon Gurwitz, credit partnerships lead at Plaid. "By partnering with Xactus, Plaid is making single source data for digital verification more widely accessible to mortgage lenders. Our joint customers will be able to instantly verify assets to improve operating efficiency, enhance the borrower experience, and ultimately, close loans faster."
This collaboration is part of Xactus' ongoing expansion of its Intelligent Verification Platform.
"Our goal has always been to enable lenders to make better mortgage decisions faster," said Mike Brown, chief product officer at Xactus. "This partnership with Plaid represents another important step in that journey, helping lenders reduce cycle times and costs while meeting GSE eligibility requirements. Lenders will be able to verify everything they need, all in one place."
