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Finicity’s AssetReady Reports Accelerate the Prequal Process

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 Report leverages 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.