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The new prequalification solution from Finicity will make it easier for lenders to qualify borrowers and improve the quality of the sales funnel for loan officers. The company’s AssetReady Reportleverages consumer-permissioned data to identify a borrower’s assets during the prequalification process. This, as Finicity CEO Steve Smith explained, makes data available to lenders sooner “than ever before,” and paves the way for more personalization and customization in the borrowing process “from first interaction to close.” Finicity said its new offering provides a single-source solution for borrower verification that enhances lender workflow and maximizes ROI.
With the AssetReady Report, lenders will be able to access data like account balances without having to request personal borrower information such as a social security number or date of birth. Once qualified, borrowers can easily permission their data for Finicity’s verification solutions that leverage asset and employment information to continue the loan origination process.
The report features current account balances, as well as average balances over the past two and six months. AssetReady Reports also include any negative balances from the past six months and the most recent negative balance.
In the announcement, Lender Price CEO Dawar Alimi and Union Home Mortgage President and CEO Bill Cosgrove praised the prequalification solution for its ability to deliver “high-value data … earlier in the origination process,” and for its ability to work seamlessly with other Finicity verification solutions. “A single-source solution provider is a great fit for our business model,” Cosgrove said.
Finicity demonstrated its credit decisioning solutions at FinovateFall 2017. Headquartered in Salt Lake City, Utah, the company more recently launched its Verification of Income and Employment (VOIE) offerings which enables lenders to accelerate verifications via bank data and a scan of the borrower’s pay statement. This summer, Finicity introduced its Student Loan Account Verification solution, which helps streamline the verification process for employers who offer student loan repayment assistance programs.
Founded in 1999, Finicity has forged a variety of partnerships this year. The real-time financial data and insights company announced a collaboration with Pulte Mortgage this spring, teamed up with LendingQB over the summer, and last month partnered with American Financial Resources. Finicity has raised more than $79 million in funding from investors including Experian Ventures and Bridge Bank.
Real-time financial data access and insights company Finicity has unveiled its latest solution to accelerate the lending process and further the trend toward digitization in the mortgage industry. This week, the company launched its Verification of Income and Employment (VOIE) solution, which leverages bank data and a scan, photo, or PDF of the borrower’s pay statement to make borrower verifications both faster and more accurate. In its statement Finicity noted that VOIE is expected to successfully provide coverage of more than 70%. This compares favorably to the accuracy rates of existing automated solutions, which top out near 25%.
Calling Finicity’s VOIE “the new gold standard of income and employment verification,” company CEO Steve Smith suggested the technology would be a significant new resource for lenders. “We know it will be met with fast adoption by key industry players who aim to be on the cutting edge of lending technology,” he said, adding “(with) VOIE building upon our current Verification of Assets solution, lenders will now be able to use Finicity as a one-stop-shop for digital verification.”
Appreciation for Finicity’s VOIE solution has already been heard from the likes of major mortgage industry players such as Freddie Mac, Quicken Loans, and Experian – all of which have leveraged Finicity’s technology to automate the manual processes that have historically made the loan origination experience cumbersome for all parties involved.
Freddie Mac, for example, highlighted the contribution Finicity’s VOIE would bring to its own asset and income modeler (AIM). “(Our) partnership with Finicity has helped to create a waterfall-like approach by adding paystub data to our AIM capability using accurate and verifiable data that meet our underwriting standards,” Senior Director of Technology Integration at Freddie Mac Kevin Kaufman said. “This means more opportunities for representation and warranty relief and greater costs savings for lenders all while delivering a better lending experience to borrowers.”
Quicken Loans EVP of Client Experience Heather Lovier echoed Kaufman’s praise for the technology, referring to VOIE as “a critical next step in the evolution of the mortgage process.”
The news of Finicity’s Verification of Income and Employment solution comes one month after the company introduced its Student Loan Account Verification solution. This technology enables employer repayment programs to access Finicity’s ACH endpoint to confirm the accuracy of accounts and routing numbers when making loan payments on behalf of their employees. Fellow Finovate alum Vault is among the companies to have partnered with Finicity in order to put the technology to work on behalf of employer-based student loan contribution programs.
Founded in 1999 and headquartered in Salt Lake City, Utah, Finicity demonstrated its credit decisioning solutions – including its Verification of Income (VoI) and Verification of Assets (VoA) technology – at FinovateFall 2017. The company has raised nearly $80 million in funding, and includes Experian Ventures and Bridge Bank among its investors.
Earlier this year, Finicity inked a major partnership with Ellie Mae, integrating its Verification of Assets solution into Ellie Mae’s Encompass Digital Lending Platform. This makes Finicity’s technology available to the more than 230,000 users and thousands of providers who, as part of Ellie Mae’s partner network, process “approximately one-third” of all the residential loans originated in the U.S.
With more employers helping their employees repay their student loans these days, the launch of Finicity’sStudent Loan Verification solution means those employers will soon be getting some help of their own.
The new product unveiled this week will enable employer repayment programs to access Finicity’s ACH endpoint to confirm accounts and routing numbers when making student loan repayments on behalf of their employees. Student Loan Verification leverages Finicity’s embeddable web app, Finicity Connect, to provide an intuitive user experience for the employee and ensure an easy integration with student repayment platforms for the employer.
“Student loans have become a major concern for individuals and families, with three out of four graduates burdened by debt,” Finicity COO and President Andy Sheehan said. “We are excited to contribute to an emerging trend in employer contributions to student debt by delivering a solution that eases the process and increases efficiency.”
Among the companies to take advantage of the new offering is fellow Finovate alum Vault. The company, which demonstrated its technology as Student Loan Genius at FinovateSpring 2016, has partnered with Finicity to add Student Loan Verification to its employer-paid student loan contribution solution.
“Companies are rapidly evolving their benefit offering to meet the needs of the modern workforce,” Vault CEO Matt Beecher said. “We chose Finicity to enhance our user experience within our student loan repayment benefit because of the technology’s superior coverage and capabilities.”
This week’s product release follows news of the Finicity’s big partnership with Ellie Mae, announced two weeks ago. This integration makes Finicity’s Verification of Assets (VoA) solution available via Ellie Mae’s Encompass Digital Lending platform. Ellie Mae has more than 230,000 users and thousands of providers in its partner network. Like Vault, Ellie Mae is also a Finovate alum, having demonstrated its Encompass Consumer Connect and Encompass Developer Connect offerings at FinovateSpring 2017.
“With the integration of Finicity’s digital Verification of Assets through our Encompass Digital Lending platform, we are further enabling loan officers, processors, and other key lender participants to reduce cycle-times and offer a more complete digital mortgage experience for their customers,” SVP of Business Development for Ellie Mae Parvesh Sahi said when the integration was announced.
Founded in 1999 and based in Salt Lake City, Utah, Finicity made its most recent Finovate appearance at FinovateFall 2017, where the company demonstrated its credit decisioning technology. This year, it addition to its partnership with Ellie Mae, Finicity announced it was teaming up with LendingQB who will leverage Finicity’s Verification of Assets solution to accelerate loan processing and enhance the user experience for borrowers. In April, Finicity announced an integration with Pulte Mortgage, which will also use the company’s VoA solution to speed the home financing process.
Finicity has raised $79.9 million in funding. The company includes Experian and Bridge Bank among its investors. Co-founder Steven Smith is CEO.
Faster loan processing and a better experience for mortgage borrowers is the goal of the new partnership between Finicity and SaaS loan origination technology solution provider LendingQB, which has integrated Finicity’s digital Verification of Assets (VoA) solution into its platform.
Demonstrated at Finovate two springs ago as part of Finicity’s growing inventory of credit decisioning solutions, Verification of Assets leverages consumer-permissioned transaction data to help lenders spot underwriting factors that can shave as many as six days off the typical mortgage origination timeline. The solution delivers reports in 30 seconds or less, and can be refreshed during the origination process.
“Digitizing the loan origination process is the key to the future of lending,” Finicity CEO Steve Smith said. “We’re proud to be one of the tech providers behind this movement and are glad to work with leading digital loan originators like LendingQB to help the industry evolve and improve the experiences for lenders and borrowers alike.”
Tim Nguyen, CEO of LendingQB’s parent company, MeridianLink, put the partnership in the context of the company’s determination to remain at technology’s cutting edge for the sake of all parties in the mortgage journey. “At LendingQB, we pride ourselves on our ability to seek out the best technology and partnerships to combine with our solution,” Nguyen said. “This creates a competitive advantage for lenders that delivers a more meaningful experience to the people that really matter: borrowers.”
Founded in 2011, LendingQB helps companies build digital mortgage solutions with its browser-based loan origination system and open API integrations to 300+ vendors and services. The company, which is headquartered in Costa Mesa, California, inked a deal with CoreLogic in June and, in April, was named to the HousingWire Tech100 for a second consecutive year.
In addition to Verification of Assets, Finicity also offers Verification of Income (VoI) as part of its suite of credit decisioning solutions. VoI provides confirmation on up to 24 months of historical income, and features confidence scores on income streams to help anticipate future income. Detailed information from both VoA and VoI is available via the company’s Finicity Reports.
Finicity most recently made fintech headlines when it announced its partnership with Pulte Mortgage this spring. Named one of the Best Fintechs to Work For by PaymentsSource at the beginning of the year, the Salt Lake City, Utah-based fintech has raised $79.9 million in funding and counts Experian Ventures and Bridge Bank among its investors.
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.