Finicity, a provider of real-time financial data aggregation and insights, has announced it has been selected as a third-party service provider for the new Freddie Mac Loan AdvisorSM automated income and asset assessment capabilities, which provide a faster, easier way for lenders to verify loan application data upfront. Finicity’s digital verification reports greatly improve efficiency and accuracy, while also providing a simpler, more pleasant borrower experience.
“Finicity loves working with digital innovators. Lenders need digital services to compete and meet customer expectations, and Freddie Mac gets it,” said Steve Smith, CEO and co-founder of Finicity. “They are pushing hard to help lenders remove hassles for borrowers while reducing complexity, cost and risk in loan originations.”
Freddie Mac announced its new income and asset assessment capabilities at the Mortgage Bankers Association Annual Convention & Expo earlier today. Finicity’s verification reports are integrated within Freddie Mac Loan Product Advisor®, the cornerstone of Loan Advisor Suite. When the capability goes live later this quarter, asset verification will be generally available and income verification will be available as a limited release.
Finicity was selected due to its established expertise within the mortgage lending industry and its innovative digital lending solutions.
“Finicity’s high quality data, combined with their data intelligence capabilities and Loan Product Advisor’s superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers, giving them the Freddie EdgeSM,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution for the Single-Family Business. “This industry-leading solution gives our clients that competitive advantage.”
Finicity also recently released upgrades to both its asset and income verification products. Verification of Assets (VoA) reports now have an option to receive up to 24 months of transaction data, and Verification of Income (VoI) reports now use an enhanced analytical model to rank income streams with confidence scores.
Finicity’s upgrades are a part of its larger mission to improve consumer-permissioned data access and further advance digitisation in the lending industry. Consumer-permissioned data gives borrowers a path to secure mortgages with less paperwork and hassle, while shortening the time to close and reducing potential fraud. Borrowers can now provide a rich financial history through real-time access to transactions which completes verifications in minutes instead of days. Finicity will continue to innovate its asset, income and employment validations utilising consumer-permissioned data.
“Utilizing data and automation are critical to the success of lenders as we transform the digital mortgage process,” said Parvesh Sahi, senior vice president, business development, Ellie Mae. “By shortening the lending process and leveraging data to improve decision-making, we’re providing value to all members of the industry including lenders and borrowers.”
Finicity’s verification reports will be available through Ellie Mae, Black Knight, Mortgage Cadence, BeSmartee, MortgageHippo, SimpleNexus, Capsilon, Blue Sage, Lender Price, DataVerify, Advanced Data, and other to-be-announced integrations.