Consumers know all too well how time consuming it can be to set up financial services or products. The last thing consumers want is to wait for microdeposits or other verifying procedures to clear so they can get access to their accounts or money in a new app. Consumers deserve a better experience, whether they’re accessing financial services or applying for a loan.

With instant account verification, consumers can connect to their financial accounts and apply for loans more quickly without having to jump through several hoops along the way. Let’s dive into further details about what instant bank account verification is, how consumers can use it to open a new bank account or get that loan they need, and the benefits of using Finicity’s AI-driven open banking technology. 

What Is Instant Bank Account Verification and When Do Consumers Use It?

Instant account verification (IAV) is a convenient and automated method that helps consumers connect to and fund new accounts. By enabling lenders and financial service providers to verify and access bank account data in a matter of seconds, IAV allows consumers to open accounts more quickly. These accounts may include a new online bank account, a new app that connects to a bank account, or even a loan application. 

Setting up accounts and applying for loans once took days to complete from start to finish. Now consumers can set them up in minutes. All that’s necessary is for the consumer to permission access to the specific accounts so they can direct how third parties use their data.

IAV is useful for those who want to use a new organization to either open an account or use one of their services. It can also be particularly helpful in situations where individuals already have a relationship with a financial institution and want to move money into their account or need a loan. For example, instant account verification may be used when applying for a personal loan to expedite the process and get the money into their account as quickly as possible.

At Finicity, we know digital verifications are invaluable to the loan process. With our open banking platform and its AI-driven analytic insights, we enable lenders to screen consumer credit history and consider eligibility quickly. That efficiency enables borrowers to get the loan they need without the hassle of finding and bringing in a paper trail of their historical data. Finicity uses instant account verification to provide a seamless user experience that enables consumers to take full charge of their finances. No matter what they’re trying to accomplish.

How Consumers Can Connect Their Accounts Online and Track Financial Data

Using our Finicity Connect widget as part of financial apps or services, connecting to bank accounts online is simple and quick. All the consumer needs to do is log into their financial institution(s) with their username and password. Then, they can choose what accounts and data they want to give access to. With Connect, consumers can benefit from their financial data by easily permissioning data and accessing new apps, accounts, or other financial services in minutes.

The entire digital verification process can be broken down into five easy steps:

1. When it’s time to connect to the bank account, the app or service requests that the consumer permission access to their accounts and provides the terms of the data sharing.
2. The consumer selects the financial institutions that they want to use and permission the specific accounts to use.
3. Data is aggregated from the bank or payroll provider and is passed along for its specific use.
4. Transaction data is intelligently analyzed, summarized, and used by the app or service to verify consumer assets, income, and employment, or account details are used to verify ownership, current balance, or provide account and routing numbers for payment.
5. For certain use cases, ongoing aggregation of data or refresh of the data to keep data current can also be included.

Why Finicity AI Technology Keeps Consumer Information Up-to-Date and Secure

Data security has become a critical issue, and it will only continue to grow more important as technology evolves. With the constant threat of bad actors, it is paramount to protect consumer information at all times. While the convenience of technology is a great perk, it doesn’t matter if a consumer’s data isn’t safe from security threats.

This is why Finicity is equipped to not only connect to consumer accounts quickly and easily, but to keep their data updated and safe as well. Because financial data is pulled directly from the bank, it isn’t stored by Finicity and only the data permissioned is accessed when it’s needed, minimizing how much data is used and stored. Additionally, our technology does not store consumer information—it grants access to it. This enables consumers to take permission away just as easily as they allowed it. 

On top of data protection, Finicity also encrypts data when it’s in transit and at rest. All of the consumer’s data is protected throughout the process as it would be at the financial institution. 

Instant account verification helps consumers and lenders make wiser financial decisions more quickly and efficiently. To learn more about how Finicity’s services can help streamline financial experiences, read more about our solutions.

If you’re a lender, landlord, or employer, you know this to be true: it’s crucial to have up-to-date, verified information about applicants. You don’t want to underwrite a mortgage, provide a car loan, or rent an apartment to someone you don’t have needed information on. You want to make sure applicants can do what they’re promising.

We’re talking about verification of income and employment, and it’s what makes many significant transactions or agreements possible. It allows businesses to take wise risks and helps consumers make financial decisions that are right for them. Let’s take a closer look at what employment and income verification services are, how they work, and how businesses can leverage Finicity Lend™ for more streamlined and accurate verification experiences.

What Is Income and Employment Verification?

Income and employment verification—or verification of income and employment (VOIE)—is just what it sounds like: a way to ensure that someone’s stated income and employment are accurate. Employers and lenders typically use VOIE for more significant purchases or agreements. Lenders might use VOIE for preparing a mortgage or other loan, landlords for tenant screening, and employers for background checks.

If, say, a lender completed a VOIE for a potential borrower, what would they see?

• Whether the applicant actually worked for the employer they listed
• Income streams and deposit transactions
• Two years of deposit transactions
• A historical and estimated average gross monthly income amount

How Does Online Income and Employment Verification Work?

Verifying income and employment can be pretty simple using consumer-permissioned data. For example, at Finicity, here’s how it works:

First, the consumer grants permission for their data to be used either from their financial institution or a payroll provider. They can upload a pay stub, if needed, or other income data.

Second, we digitally extract and verify the income and employment data you need. We’ll analyze the data and add insights to provide a historical view of income and/or employment and confirm the current employer and/or income level by cross verifying employment data with transactions in their bank account.

Finally, we provide a thorough, but easy-to-read report or just the specific data you need.

Other services typically don’t connect directly to banks and use lagging data like database solutions or manual verifications that request information directly from the applicant’s employer or even the IRS, for example. That can take a long time, though (some documents may take months to make it to you), so it’s worth it to go with a service that can automate employment and income verification. It’ll do the heavy lifting for you in minutes, making your life simpler.

The Benefits of Using Finicity’s Open Banking Platform for VOIE

When choosing an online income and employment verification service, you don’t just want a simple process. You also want accurate information and the assurance that the service is keeping your data secure. Finicity’s open banking platform is provides those important benefits, plus some nice perks:

• It’s quick: It takes us seconds to give you two years of income history with income streams and assigned confidence scores.
• It’s easy: Instead of manually calling employers, you can get the employment data delivered straight to you, with data access and insights, too.
• It’s real-time: Real-time, bank-validated data provides an accurate snapshot of a borrower’s current income and employment status.
• It’s cross-verified and multi-sourced: With data from the bank and the employer, and from multiple accounts, you know the data you’re getting gives the full picture. Finicity’s patent-pending TXVerify™ technology matches key data from pay stubs and bank accounts, ensuring the highest level of data quality. All the accuracy and confidence needed for critical decision-making.

Additionally, Finicity’s solutions mitigate risk for lenders and reduce liability for prospective employers. We act as a consumer reporting agency (CRA), so we follow strict standards that maintain the highest data accuracy and consumer protection.

First, our data meets and exceeds the demanding data quality requirements of investors and GSEs like Fannie Mae and Freddie Mac. In fact, our data is used for high-dollar decisioning governed by strict regulatory oversight, so it’s ready to be leveraged in any use case.

Second, we use consumer permissioning, which means that borrowers have control over how their data is shared and used. That’s a win-win for consumers, lenders, landlords, and employers. 

Third, we implement best-in-class physical, technological, and procedural security safeguards similar to those used by major banks, credit card companies, and trading firms. As security threats evolve, we evolve to stay ahead of the curve. 

How Finicity Is 3x More Successful Than the Leading Automated Verification Company

Currently, most businesses conduct verification of income and employment manually. For example, mortgage lenders contact employers directly to request income information and other documents. They’ll ask for verbal confirmation, or they may need to wait for fax or email verification. Sounds pretty old-fashioned, but that’s still the way a lot of this business is done.

Even some forms of online income verification may be slower or less secure than they could be. In today’s fast-paced, threat-laden business world, that’s bad news. Finicity’s VOIE solution was designed with these issues in mind, and our solution is three times more successful than the leading automated verification company. 

• When compared with other automated VOIE options, our solution allows three times as many borrowers to instantly verify income and employment. 
• Over 96 percent of employees are using direct deposit, which means our solution is primed for covering almost all transaction data direct from financial institutions.
• We cover more than 95 percent of consumer bank accounts, so we’re able to gain reliable access to the vast majority of transactions. 
• And with over 75 percent cross-verification available, we’re confident our data is as accurate as it could be. 

Employment and income verification services help businesses and consumers take wiser financial risks. To learn more about how Finicity’s VOIE service can help you make smart decisions, request a demo of our income and employment solutions.

It’s a good thing our phones remember our passwords because there are an awful lot of them to keep track of these days. A consumer’s bank account, investment app, lending company, and more are often separate entities providing different information about aspects of the consumer’s financial health.

So what if an individual needs to have access to all of this information at the same time? That’s where account aggregation software comes in. Let’s talk about what this software is, why consumers need it, and how to pick the best one.

What Is Account Aggregation Software?

Account aggregation software collects an individual’s financial data from multiple accounts and consolidates it into a single platform. This means that clients and financial institutions can see bank, credit card, investment data, and other consumer or business accounts all at once. With this holistic view, it’s easy to analyze an individual’s financial situation.

How does it work? While account aggregation may only include data held within a specific financial institution, it can also pull information from outside the institution if the account holder gives permission. Data has historically been collected through screen scraping with a secure login, but increasingly data is aggregated using direct API connections to the financial institution that provides cleaner data and is more secure thanks to tokenized (rather than credentialed) access. While aggregators are moving in that direction, Finicity is already pulling 60% of its data through direct API connections.

Why Consumers Need Account Aggregation Software to Manage Their Financial Data

It’s Personal Finance 101: Consumers need to be able to see the big picture so they can make the best choices, big or small. That’s especially true when it comes to financial planning and management. Account holders and financial institutions alike need to see what’s going on in every aspect of the individual’s finances so that they can make the wisest financial decisions.

Account aggregation can help with financial management and planning. For example, with their financial data all in one place, an account holder can see that their investments are giving them a good return, but their credit card debt is counteracting that progress, making it difficult to achieve their goal of saving for a downpayment on a house. With that holistic picture, consumers can see clearly what they need to change to reach their financial goals.

Account aggregation is also important, for example, for families with multiple financial goals. They might be saving for retirement, college funds, and paying down their mortgage all at once. Having all of this data in one place makes it easier to keep track of each of those goals and their progress.

Other benefits of financial aggregation software include the following:

• The ability to track personal and business expenses
• Additional insights and analytics that aren’t possible without aggregation
• The ability to plan and create budgets
• Reminders and notifications for bills or large transactions 
• Account monitoring for fraud and identity theft
  

For account holders and financial institutions, data is key to making the best financial decisions. Account aggregation is a huge step toward collecting and using that data in a way that leads to those wise decisions. What makes this possible? Account aggregation APIs.

Eight Things to Look for in an Account Aggregation API 

While an account aggregation API may not be on an account holder’s radar, it’s crucial for financial institutions, fintechs, and other financial service providers to pick the best one for their clients. Here are eight features individuals and financial institutions should look for in an account aggregation API:

1. Provides accurate, clean data 
2. Integrates with all the applications you need it to 
3. Is compatible with the institutions most often used
4. Has user-friendly features
5. Has customizable data aggregation 
6. Has a low cost to value
7. Provides robust compliance and security features
8. Offers great customer care and service 

Finicity provides transaction aggregation that uses an award-winning data access and insights API. This API functions as the building block of consumer-permissioned data, which is then presented to consumers in a user-friendly format. This data comes straight from financial institutions, so it’s accurate and ready to go.

Additionally, if you’re using it for lending, our transaction and statement aggregation is an FCRA-compliant solution that empowers the consumer to make sure it’s accurate. The key account information presented includes the following:

• Transactions
• Account balances
• Investment positions
• Loan transactions
• Expense categorization
• Normalized merchant name
• Transaction descriptions

With all of this information visible with a single look, account holders and financial institutions can make better-informed financial decisions.

These days, there are a lot of financial services and accounts we need to access: bank accounts, investment apps, debt consolidation services, lending companies, and the list goes on. Since having a holistic view of our personal finances is crucial for making the best decisions, account aggregation software is a game-changer! Finicity offers account aggregation software that helps both consumers and financial service providers see that crucial holistic view. To try a demo and check out our data access and insights API for yourself, click here.

In today’s world, a business’s success rests on if they can provide the best and quickest service to their customers. With the evolution of social media, big data, and technology at everyone’s fingertips, consumers have come to expect a more personalized and seamless experience with any product or service. The financial services industry is no exception. As consumers’ expectations evolve, it’s more important than ever to adapt to their needs in order to differentiate your business from the competition. 

Financial data aggregation is crucial to providing the best customer experience possible. Financial data aggregators and their open banking platforms, like Finicity, give institutions, fintechs and other financial services providers the ability to provide more personalized services to their customers, fostering a more comprehensive and convenient system. Let’s take a closer look at exactly what financial data aggregation is and how it can benefit financial institutions and their customers. 

What Is Financial Data Aggregation?

Financial data aggregation is a lot less confusing than it sounds. The process involves compiling information from different accounts—including bank accounts, credit card accounts, investment accounts, loans and other financial accounts—into a single place. Once this information is collected, customers can see the entirety of their finances in one easily accessible platform, making all financial decisions that much easier.

At their core, financial data aggregators provide third parties with the APIs they need for consumers to permission access to the data in their accounts. With the rise of online banking, data aggregation is not just a more convenient way to access financial information: it’s the future. More people than ever before are transitioning to mobile banking as confidence in technology grows, and this trend will only continue as open banking becomes the norm and more innovative and convenient tools are released. 

How Does a Financial Data Aggregator Benefit Financial Service Businesses?

Financial institutions and financial services providers can benefit greatly from financial data aggregators. Not only does providing a more convenient solution to your customers guarantee their satisfaction and loyalty to your business, but it also helps you draw in new customers and stay ahead of the competition. The better your service is, the happier your customers will be, which makes them much more likely to choose your services over another’s. 

Data aggregation allows financial institutions to provide the best service out there as customers will have access to more comprehensive wealth management, faster payment processing, and personalized financial advice with less hassle. Whether it’s an in-house app or service or a third party fintech app or service. 

Can Consumers Use Financial Aggregation Tools? 

Consumers are growing increasingly interested in financial aggregation tools to help them budget. This is especially true of Generation Z consumers, who, as one of the youngest generations, represent the future of financial services. 

Customers are most interested in using financial aggregation apps to do the following:

• Manage financial accounts from different organizations using a single tool
• Budget more efficiently with apps connected to their bank and credit card accounts
• Gain access to credit statements that would allow them to track spending across different cards or accounts
• See credit, spending, cash flow or other insights they can’t get unless they’re looking at multiple accounts

Maximize the Benefits of a Financial Data Aggregator

Why would a financial app or service want to use a financial data aggregator? Well, there are countless benefits for both financial advisors and consumers. Let’s take a closer look at some of these benefits. 

Benefits for Financial Services and Financial Advisors

Bankers and financial advisors know how important it is to provide great customer service. Not only does financial data aggregation help them provide a better experience to their clients, but it can also help them be more efficient and productive. Using a financial data aggregator provides data that can help do the following:

• Form better relationships with clients
• Expand service offerings and manage assets they previously couldn’t 
• Perform fewer manual tasks with automated data updates
• Streamline the process of data and asset gathering
• Demonstrate immediate value for new prospects
• Target new customers with specific offers that will be attractive to them
• Simplify operations by eliminating the need for manual data entry or paper statements from customers

Benefits for Consumers

A consumer wants the best service possible with the quickest results. Financial aggregators can help provide this service while delivering other significant benefits. As apps and services are better equipped to view a comprehensive summary of a customer’s financial situation, they can provide faster credit decisioning and more comprehensive data to their customers. Data aggregation also benefits consumers, enabling them to do the following:

• Avoid losing important financial information or documents
• Make informed decisions and budget based on more comprehensive information
• Track all spending across cards and accounts in one location
• View a full picture of their financial lives outside of just their bank accounts
• Have immediate access to their financial information
• Get more personalized financial advice
• Experience faster payment processing

What Is the Future of Financial Data Aggregators?

As the demand for more comprehensive financial services grows, financial data aggregators and open banking platforms will continue to empower apps and services to help consumers make more informed decisions. Consumers are turning to digital solutions due to the pandemic, and they are unlikely to turn back to more traditional financial services once the dust settles. Competition will continue to grow as institutions strive to provide or curate the best and most convenient services in the market. This is why it’s so important to invest in the future by finding the right financial data aggregator for your organization.

Finicity is on the cutting edge of financial data aggregation software. With an open banking platform that makes connecting to your customers’ financial information simple, Finicity empowers you to give your customers the best experience possible in an ever more competitive environment.

Data aggregation is paving the future of financial services by giving consumers the power to make more informed decisions. Learn more about Finicity’s open banking platform and how it provides data to propel innovation in financial services and empower consumers.

The mortgage application process should be easier. It should be more accurate. It should involve less risk and less fraud. It shouldn’t be a slog for borrowers or for lenders. It should be as convenient and streamlined as we’ve come to expect from other modernized, digital experiences. 

Transforming the entire underwriting process is a massive undertaking. And while Finicity already provides solutions across all the primary segments of mortgage lending, today we’re reaching another milestone by streamlining the verification of assets, income, and employment into a one-touch, GSE-accepted experience. I’m excited to introduce Finicity Lend’s Mortgage Verification Service (MVS), the faster, more accurate, more empowering verification experience for both lenders and borrowers.

What Is MVS?

Mortgage lending underwent a historic transformation in 2020. Problems that had been minor cracks in the mortgage lending experience became chasms as lenders had to rapidly adapt to physically-distanced workflows. But despite the COVID-19 pandemic, ensuing economic fallout, and record-breaking volume—which, while temporarily obscuring them, does not eliminate the cracks—certainly accelerating the need for a new mortgage experience, that need was already apparent. 

Paper-based mortgage processes take more time—something many lenders are already lacking with today’s high volume—and they’re more prone to fraud. Slower, less streamlined solutions also reduce organizational agility, preventing lenders from keeping pace both when the market is booming and when the market again normalizes. And the high-friction paper-chases are annoying for borrowers that are already acclimated to fast, convenient, digital solutions. 

We wanted to deliver a mortgage lending experience that exceeds the expectations of today’s borrowers while also enhancing outcomes and agility for lenders and their stakeholders. That’s why we designed MVS to deliver a one-touch, GSE-accepted digital verification of assets, income, and employment. Now you can complete all necessary verifications in one seamless process. It’s a fast, secure, anytime-anywhere experience that gives the borrower control over their financial data while also providing the lender with a real-time, accurate picture of the borrower’s financial health. 

MVS is powered by Finicity’s open-banking platform. This means that mortgage lenders get access to extended lengths of real-time data, analyzed and categorized thanks to advanced data intelligence. We also assure the most accurate data and keep the consumer at the center of the data-sharing experience with clear transparency and the ability to dispute reports. Access to reliable, real-time, multi-sourced, and even cross-verified data enables the most accurate verifications, setting you on your way to get rep and warranty validation from GSEs and investors. 

And because every lending use case and process is unique, we’ve designed MVS to be flexible and accommodate everything from refinancing to new purchases, including both qualified and non-qualified mortgages. We’ve also made it easy for mortgage lenders to integrate MVS into their workflow with several flexible integration options.

All of these features come together to build a consumer-centric lending experience that improves ROI for lenders.

Why Should Lenders Use MVS?

MVS is more than a product, it’s a partnership with Finicity that enables lenders to benefit from our open banking platform and our market-leading, secure connections to financial institutions. Through those connections, lenders can get the accurate data necessary to verify assets, income, and employment, and enhance their overall decisioning and underwriting processes. And with GSEs tightening their rep and warranty relief policies due to COVID-19’s impact on consumer income and employment, lenders will need the most reliable data from the most reliable sources.

MVS enables a digital mortgage experience, allowing lenders to reap the benefits that come from digital streamlining. In fact, validating assets, income, and employment digitally can cut up to 12 days off the origination process. MVS takes digital streamlining even further by completing these verifications with only a single borrower interaction. You can then refresh those verifications at close at no cost and without reengaging the borrower. With MVS, you complete more originations in less time—time that’s crucial for lenders to remain agile in a crazy, high-volume year like this. More time opens room for more originations and more commission.

The convenience of digital verifications and the simple, streamlined consumer permissioning process also enhances the lending experience for borrowers and helps them leave more satisfied and more likely to refer their lender to friends and family. MVS’s seamless and customer-centric digital experience enables lenders to distinguish themselves, especially against digital laggards, and gain a competitive edge.

We’ll also set you up for success with Finicity’s Adoption Best Practices training so you can hit the ground running and start reaping the rewards of a streamlined, digital mortgage process. 

With MVS, everybody wins. 

Don’t settle for yesterday’s mortgage lending experience. You deserve better. And so do your borrowers. Use Finicity Lend’s Mortgage Verification Service to build the foundation of your enhanced mortgage lending experience. Find out how to integrate MVS into your mortgage lending process and to learn more about how Finicity provides other mortgage solutions in prequalification, underwriting, funding enablement, secondary quality control, and servicing.

One-touch, GSE-accepted verification of assets, income and employment reduces loan process by up to 12 days

SALT LAKE CITY, Utah – February 25, 2021 – Finicity, a Mastercard company and leading provider of open banking solutions, today announced its one-touch Mortgage Verification Service (MVS), enabling lenders to provide the simple, easy experience that today’s consumers and lenders are looking for in mortgage origination. The solution allows consumers to permission data, quickly and easily, so lenders can verify assets, income and employment in a single interaction with borrowers that takes seconds or minutes instead of days or weeks. The verification is accepted by both Freddie Mac and Fannie Mae in place of cumbersome manual loan documentation.

While mortgage lending has rapidly moved toward a digital experience, the verification process has largely remained a manual, paper-driven process. By reducing the burden of manual methods of documentation, Finicity may help shave 8-12 days off the origination process for rapid loan closing while also increasing accuracy, improving profitability, and creating a better experience for both lenders and borrowers.

Through Finicity Lend’s Mortgage Verification Service, Finicity’s open banking platform leverages high value data available from financial institutions and payroll processors to provide accurate, real-time insights into a borrower’s current assets, income and employment. The solution offers flexible flows for different mortgage lending use cases — from refinancing to new purchases, qualified to non qualified mortgages.

This innovative service creates a simple, fast, FCRA-compliant verification experience that empowers consumers to digitally permission use of their financial data with one touch, through Finicity Connect, to rapidly validate key financial suitability requirements of a mortgage application. This is perfectly aligned with Finicity’s mission to empower both lenders and consumers while helping consumers benefit more from their own financial data. 

“We are streamlining mortgage lending significantly, reducing costs and shortening the time needed for the overall loan origination process,” said Finicity CEO and Co-founder Steve Smith. “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.”

GSE Accepted

The Finicity Lend Mortgage Verification Service is accepted by both GSEs as a valid demonstration of a borrower’s assets, income and employment. Lenders are able to use Finicity verification reports for automated assessment and receive representation and warranty relief using Freddie Mac Loan Product Advisor® asset and income modeler (AIM).  Fannie Mae accepts Finicity mortgage verification reports for automated assessment within Desktop Underwriter® validation service through Day 1 Certainty®. 

“Freddie Mac has been at the forefront of advancing the digital mortgage experience that today’s borrowers have come to expect,” said Rick Lang, Single-Family Vice President of Strategy and Integration at Freddie Mac. “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,” said Chuck Walker, Vice President Digital Alliances and Distribution at Fannie Mae. “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.”

What the Industry is Saying

Finicity clients and partners are already weighing in on Finicity’s Mortgage Verification Services (MVS):

“At Sierra Pacific Mortgage, we were excited to be a participant in the rollout of this enhancement to the lending process”, said Gary D. Clark, Chief Operating Officer at Sierra Pacific Mortgage.  “Continued improvements to the lending process is an important initiative at Sierra Pacific Mortgage, and one that elevates the consumer experience is a win-win for everyone.”

“As we began utilizing this new service, it quickly became clear how much it would improve the lending process for both our loan officers and borrowers”, said Patrick Gardner, Principal of Vellum Mortgage.  “Digitizing the mortgage process not only creates a faster, smoother experience for the borrower, but we’re also seeing significant cost savings and an increased volume of loans that we’re able to close.”

“For consumers, our focus is on delivering a fully mobile, fully seamless homeownership journey that’s centralized in one connected platform.  For lenders, SimpleNexus promises flexible efficiency that doesn’t get in the way of doing business.  Our integration with Finicity Lend’s Mortgage Verification Service delivers on both fronts with GSE-accepted verification of assets, income and employment in one easy interaction,” said SimpleNexus Chief Product Officer Shane Westra.

See MVS in Action

Finicity Lend’s Mortgage Verification Service  will be available across multiple LOS/POS platforms. See our MVS solution live at the following events: 

• SimpleNexus SNUG 2020:  February 22-24, 2021
• HousingWire Spring Summit:  March 4, 2021
• ICE Mortgage Technology Experience 2021: March 8 – 26, 2021
• Mortgage Banker Association’s Spring Conference & Expo:  April 20-21, 2021

To learn more about Finicity and its commitment to fast, reliable and high-quality data, visit www.finicity.com. 

About Finicity

Finicity, a Mastercard company helps individuals, families, and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company provides a proven and trusted open banking platform that puts consumers in control of their financial data, transforming the way we experience money for everything from budgeting and payments to investing and lending. Finicity partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world, helping to improve financial literacy, expanding financial inclusion, and ultimately leading to better financial outcomes. Finicity is headquartered in Salt Lake City, Utah. To learn more or test drive its API, visit www.finicity.com. 

It may be that the worst is yet to come regarding a credit crisis and long-term economic hardship. According to a survey of 2,000 U.S. consumers Finicity conducted last November, people stated they were just as concerned about their credit in the wake of job losses or financial hardship near the end of 2020 as they were during the initial onset of the pandemic. In fact, more than two-thirds (65%) of respondents said they are concerned their credit score will go down in the next six months because of the pandemic.

Read the full article.

Finicity CEO and C0-founder Steve Smith discusses open banking and data strategies and how to continue to drive innovation forward in the fintech industry.

Read the full interview. 

ICE Mortgage Technology™, the leading cloud-based loan origination platform provider for the mortgage industry, announced today the winners of its 2021 ICE Mortgage Technology Innovation Awards.

The ICE Mortgage Technology Innovation Awards recognize the most creative mortgage lending companies who are pushing the envelope by creating extraordinary, customized solutions with ICE Mortgage Technology to achieve their business goals with exceptional results.

The 2021 ICE Mortgage Technology Innovation Award winner for Lenders’ Choice for Innovative Service Provider is Finicity (with Waterstone Mortgage).

“With a year of unexpected challenges, these industry-leading and resilient companies customized our ICE Mortgage Technology solutions to utilize automation technologies and data-driven insights to excel during a demanding year,” said Joe Tyrrell, president, ICE Mortgage Technology. “We’re proud to recognize these exceptional winners who showed agility, flexibility and persistence as our industry continued to pivot throughout 2020.”

You can read the full press release here or more about the winners here.

You can also read about how Waterstone Mortgage and Finicity worked together to experience a 10-15% monthly boost in digital verifications. Providing asset data sooner in origination process, saved loan originators’ time, and simplified the entire borrower experience.

Wriiting in The Paypers Voice of the Industry, Matthew Driver, Executive Vice President, Services, Asia Pacific, Mastercard, discusses Open Banking and the importance of data decency, ethical data usage, and how consumer-centric data sharing has the potential to unlock new opportunities within financial services.

Read the full article here.