Salt Lake City-based Finicity has launched a software that improves mortgage verification services, the company announced.
The new solution offers one-touch, GSE-accepted (government sponsored enterprises) and FCRA-compliant (free credit reporting act) verification of assets, income, and employment, reducing loan processing time by up to 12 days.
“We are streamlining mortgage lending significantly, reducing costs and shortening the time needed for the overall loan origination process,” Finicity co-founder and CEO Steve Smith said in a release. “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.”
The solution, called Mortgage Verification Service (MVS), allows consumers to permission data quickly and easily so lenders can verify assets, income, and employment in a single interaction, replacing a traditionally manual, paper-driven process. In addition to reducing the number of days required for processing, Finicity said MVS also would increase accuracy, improve profitability, and create a better experience for both lenders and borrowers.
The solution also offers flows for different mortgage lending situations, from refinancing to new purchases and qualified to non-qualified mortgages.
“Freddie Mac has been at the forefront of advancing the digital mortgage experience that today’s borrowers have come to expect,” Rick Lang, Freddie Mac single-family vice president of strategy and integration, said. “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,” Chuck Walker, Fannie Mae vice president digital alliances and distribution, said. “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.”