Finicity Partners with Pulte Mortgage to Accelerate Asset Verification

Real-time financial data access and insights provider Finicity has a new partner in the mortgage space. The company announced today that it is teaming up with Pulte Mortgage to help the firm improve the home financing process for borrowers.

“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” Finicity CEO Steve Smith said. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”

Pulte Mortgage will leverage Finicity’s technology to accelerate asset verification, reducing the time-consuming, manual, and paper-intensive process “from weeks to minutes” the company said in a statement. Finicity’s platform will enable lenders to access up to 24 months of bank, brokerage, and 401k information to quickly confirm assets without requiring paper verification.

“The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages,” President and CEO of Pulte Mortgage Debra Still explained. “The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”

A subsidiary of Pulte Group, Pulte Mortgage was founded in 1972, and finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes. Pulte Group has financed 700,000+ homes in the U.S., offering home buyers more than 200 different home loan solutions. The company is headquartered in Atlanta, Georgia.

Finicity demonstrated its credit decisioning technology – including its Verification of Income (VoI) and Verification of Assets (VoA) solutions – at FinovateFall 2017. Via API, Finicity’s data aggregation and insights platform provides clients with consumer-permissioned data in real-time to support financial management, payments, and credit assessment services and solutions.

Featured earlier this year in PaymentsSource’s roster of the Best Fintechs to Work For, Finicity partnered with Princeton Mortgage in December, integrating its Verification of Assets solution into Princeton Mortgage’s SnapApp digital mortgage platform. Last fall, the company teamed up with Experian and FICO to introduce a new solution, the UltraFICO credit score, to help bring financing to borrowers with credit scores between 550 and 650.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finicity Automates Asset Verification for Princeton Mortgage’s SnapApp

Princeton Mortgage will leverage Finicity’s Verification of Assets solution to improve the loan origination experience for lenders and borrowers. The asset verification technology will be integrated into Princeton Mortgage’s digital mortgage platform, SnapApp, automating the asset verification process, reducing mortgage fraud, and speeding time to close.

“We’re thrilled to work with Princeton Mortgage and provide its customers with an innovative, paper-free and hassle-free experience,” Finicity CEO Steve Smith said. “As the leading financial data aggregator in the mortgage lending industry, we are always looking for partners who share our goal of transforming outdated loan origination processes into seamless digital experiences.”

Finicity demonstrated its credit decisioning solutions, including both its Verification of Income (VoI) and Verification of Assets (VoA) reports, at FinovateFall 2017. The Verification of Assets solution enables lenders to leverage bank validated insights to identify underwriting factors that can shave as many as six days off the mortgage origination process. VoA and VoI are part of the company’s innovations to help digitize the lending experience and bring the quality of information available via real-time bank data to the mortgage industry.

Princeton Mortgage’s SnapApp enables borrowers to apply, verify income and assets, access their credit information, run an automated approval and generate a pre-approval letter at any time, according to the company’s Sales Enablement Manager Nicole Gordon. “Borrowers want an effortless mortgage experience, and with our new SnapApp they get just that,” she said.

Headquartered in Salt Lake City, Utah, and founded in 1999, Finicity partnered with fellow Finovate alums Experian and FICO to launch the new UltraFICO credit score earlier this fall. The new solution is designed to help provide financing to borrowers with credit scores in the so-called gray area of the upper 500s and lower 600s. UltraFICO leverages the account aggregation capabilities of Finicity and Experian’s consumer credit data to give lenders a broader view of a borrower’s financial behavior – especially for those new to credit or with limited credit history.

Finicity has been busy making friends and forging partnerships this year. The company teamed up with Freddie Mac in October, Fidelity Investments and Capsilon in September, Capital One in August, and both SimpleNexus and Cre8tech Labs’ Lender Price in July. The deals ranged from credit decisioning integrations to secure data exchange and customer data security agreements.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Experian, FICO, and Finicity Launch the UltraFICO Score

Three fintechs joined forces today to create a new credit scoring technology designed for thin-file customers. Experian, FICO, and Finicity are the triumvirate behind the new score, named the UltraFICO score.

The UltraFICO score leverages consumer-permissioned account data aggregated and distributed by Experian and Finicity. Unlike the traditional FICO score, which relies heavily on repayment data from users’ previous credit usage, UltraFICO looks at how responsibly consumers manage their finances. After gaining the user’s permission to access their bank statements, Finicity’s technology pulls consumer-contributed data from their checking, savings, and money market accounts, examining the length of time accounts have been open, frequency of activity, and saving data.

For its part, Experian pulls the consumer’s credit information and will integrate the new model into lenders’ existing operational workflow. Alex Lintner, president of Experian’s Consumer Information Services, said that this project has offered the company “a new way to use consumer-permissioned data that allows lenders to make better decisions and helps consumers gain access to credit.”

Accessing the additional data not only offers lenders a more complete picture of the prospective borrower’s ability to repay, it also improves access to credit for Americans who are typically below lenders’ preferred credit score threshold. This especially applies to thin-file borrowers and those working on rebuilding their score after a financial crisis.

Jim Wehmann, FICO EVP of Scores, said that UltraFICO “empowers consumers to have greater control over the information that is being used in making credit risk decisions.” He added, “It also enables a deeper dialogue between the consumer and lenders to help both parties make better financial decisions.”

UltraFICO will be piloted in 2019 to test the new model and determine consumers’ willingness to share their financial data. The group plans to make the new model generally available to lenders in mid-2019.

Headquartered in Dublin, Ireland, Experian most recently demoed its decisioning platform at FinovateFall 2018. The cloud-based platform enables organizations to combine data and analytics to improve the accuracy of their customer lending decisions. Earlier this year, Experian acquired U.K.-based ClearScore for $385 million.

Founded in 1956 as Fair Isaac Corporation, FICO presented “Rapidly Deliver Contextually-Powered Stream Processing” at FinDEVr New York 2016. Earlier this month, the company announced it will provide KYC and onboarding solutions for Belarus-based lender, Belgazprombank.

Utah-based Finicity demoed at FinovateFall 2017 where the company’s Co-founder and President of Data Services, Nick Thomas, showed how the company simplified access to its Verification of Income and Verification of Assets reports. Frequently in the headlines, Finicity announced last week it was selected as third-party service provider for Freddie Mac’s automated income and asset assessment solution, Loan Product Advisor. In September, the company aligned with intelligent process automation software provider Capsilon to modernize the mortgage origination process.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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Finicity Teams Up with Capsilon to Modernize Mortgage Origination

In its latest integration with Capsilon, real-time financial data aggregation and insights specialist Finicity is bringing mortgage origination into the 21st century – one partner at a time. An intelligent process automation software provider, Capsilon will combine Finicity’s Verification of Assets (VoA) solution with its own borrower and loan officer workspaces to automate the asset verification process.

“We’re excited to work alongside Capsilon with the shared goal of transforming the difficult manual mortgage origination processes of today into a modern and digital experience of the future,” Finicity CEO Steve Smith said. “Finicity’s VoA reports are a key part of the next-generation mortgage process.”

Capsilon COO Jim Obsitnik underscored the importance of digital transformation in the mortgage industry. “Those who invest in the right technology now will gain a competitive advantage to help them minimize risk and accelerate growth as the market changes,” Obsitnik said. He added that the partnership would “speed up the application process and deliver better borrower and loan officer experiences.”

Demonstrated live at FinovateFall last year, Finicity’s Verification of Assets (VoA) reports are part of the company’s suite of credit decisioning solutions. VoA provides bank-validated insights into the assets of prospective borrowers to enable lenders to readily identify those issues that impact the credit decisioning process. VoA reports include information on multiple financial institutions and accounts, as well as data on account types, balances, and detailed transactions. These reports, along with those from the company’s Verification of Income (VoI) solution, are delivered under the CRA framework, enabling borrowers to access information in the reports directly, as well as submit any disputes.

Headquartered in Salt Lake City, Utah, Finicity has spent much of 2018 in partnership mode. Last month, the company signed a secure data exchange agreement with Capital One. In July, Finicity partnered with Cre8tech Labs’ Lender Price, integrating its VoA solution into the Lender Price’s digital lending platform. Fellow Finovate alum Mortgage Cadence integrated Finicity’s VoA technology into its loan origination platform in May. This spring, the company teamed up with another fellow alum, BeSmartee, to add VoA to BeSmartee’s POS mortgage origination platform.

Finicity has raised nearly $80 million in funding, and includes Bridge Bank and Experian among its investors. The company was founded in 1999.