Nick Thomas, Finicity co-founder and Chief Innovation Officer, chats with FinTech Newscast on episode 55 of their podcast. They discuss best-practices for working with consumer-permissioned data, including security and consumer access, while fostering innovation and growth. You can listen to the episode here.
Finicity CEO Steve Smith discusses simple digitization steps that lenders can take to boost mortgage applications even in the face of rising interest rates. Lending apps, a digital lending experience, and expanded financial data are key. Read the full article at National Mortgage News.
Finicity CEO Steve Smith provides ways lenders can improve applications and ultimately close more mortgages by taking advantage of digital solutions the improve the mortgage process from start to finish. Read the whole article at HousingWire or in the August issue of HW Magazine.
Finicity CEO Steve Smith discusses growing digital expectations for mortgage lending and how lenders can deliver what their borrowers expect today and into the future. Read the whole article at National Mortgage News.
Technology from Finicity to integrate into repayment platforms for accurate, secure authentication and payment
SALT LAKE CITY, Utah – August 13, 2019 – Finicity, a leading provider of real-time financial data access and insights, announced today the rollout of its Student Loan Account Verification product, which will simplify employer benefit repayment programs, where employers are looking to contribute to or help repay employee’s student loans.
More companies are expanding their benefits programs to include student loan repayment plans. Through the new solution, repayment platforms can use Finicity’s ACH endpoint to confirm accounts and routing numbers and make payments on behalf of employers for their employees. This adds an extra component of accuracy and security in the student loan repayment process, while also streamlining the process through a digital experience.
“Student loans have become a major concern for individuals and families, with 3 out of 4 graduates burdened by debt,” said Andy Sheehan, President and COO of Finicity. “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.”
Several repayment platforms are already utilizing the new solution with their employer-paid student loan contribution programs including Vault.
“Companies are rapidly evolving their benefit offering to meet the needs of the modern workforce,” says Matt Beecher, Vault’s CEO. “We chose Finicity to enhance our user experience within our student loan repayment benefit because of the technology’s superior coverage and capabilities.”
Student Loan Account Verification will leverage Finicity Connect, an embeddable web application, which enables an intuitive experience for employees and is easily integrated into the repayment platforms. Repayment platforms can present the white-labeled Finicity application to individual employees to identify the correct student loan processor for their account and connect to it. Finicity’s solution will then validate the payment details, including the amount and specific payment number.
Finicity, known for strong coverage of financial institutions and data quality, has built out its connections to student loan lenders, refinancers, and servicers to provide exceptional student loan account coverage.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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About Finicity:Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 and 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.
Integration to speed up lending process while improving digital experience for lenders and borrowers
SALT LAKE CITY, Utah and PLEASANTON, California – July 29, 2019 – Finicity, a provider of real-time financial data access and insights, and Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that Finicity’s digital Verification of Assets (VoA) solution is now available through Ellie Mae’s Encompass® Digital Lending Platform.
Modern consumers expect an increasingly seamless, fast and accurate application process. This has been made possible by digital solutions such as Finicity’s Verification of Assets which can shorten the application process by as many as 6 days. Now lenders can access this solution through Encompass for faster and more precise insights that reduce friction for customers.
“We believe that consumer expectations are driving the mortgage lending experience to one that is as simple and seamless as they’re having in other parts of their life, like e-commerce, ride-sharing, and more,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to partner with an organization like Ellie Mae, that shares this vision and is pushing innovation in the mortgage space.”
Drawn-out closing times and piles of paperwork detract from the excitement of buying a first home. Integrating the Finicity solution into Ellie Mae’s Encompass platform streamlines the origination process for lenders enabling them to eliminate once-manual tasks and devote more time to customer service and business development. With over 230,000 users and thousands of providers, Ellie Mae’s partner network processes approximately one-third of all the residential loans originated in the United States. As part of the partner network, Finicity will provide Ellie Mae customers with fast, frictionless asset verification.
“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.” said Parvesh Sahi, senior vice president of business development for Ellie Mae.
The integration enables lenders to request a digital asset verification report. Once a request has been made, borrowers are asked to complete a simple online process to permission financial data they want included in the report. Lenders can then review the bank-validated report in near real-time, shortening the verification process from days to minutes.
“Since implementing this integration, our closing times have been significantly reduced,” said Torrey Larsen, Synergy One CEO. “Our loan officers are spending less time trying to verify assets and more time focusing on what really matters — our customers’ futures.”
Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®), giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative, and the company is part of Fannie’s Single Source Validation (SSV) pilot. Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are partnering on new methods to validate income using payroll deposit data from bank statements.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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About Finicity:
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018, 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.
About Ellie Mae:
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
Webinar on digital transformation and the power of consumer contributed data in the lending process.
Finicity’s digital verification report provides a faster process and more pleasing customer experience
SALT LAKE CITY – June 20, 2019 – Finicity, a leading provider of real-time financial data access and insights, announced today an integration with LendingQB, a leading provider of SaaS loan origination technology solutions. LendingQB’s platform now uses Finicity’s digital Verification of Assets (VoA) solution to allow lenders to free up resources, increase processing speed and reduce mortgage fraud while providing borrowers with a more efficient and positive experience.
“Digitizing the loan origination process is the key to the future of lending,” said Steve Smith, Finicity CEO. “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.”
LendingQB provides solutions that help mortgage lenders reduce costs, maintain compliance and increase profitability, while still putting their customers first. This comes from LendingQB’s unique approach to loan origination system building — layering its core platform with best-of-breed components to create the ideal solution for each lender.
“At LendingQB, we pride ourselves on our ability to seek out the best technology and partnerships to combine with our solution,” said Tim Nguyen, CEO of MeridianLink, the parent company of LendingQB. “This creates a competitive advantage for lenders that delivers a more meaningful experience to the people that really matter: borrowers.”
Both Finicity’s verification solutions are delivered under the CRA framework, which allows borrowers to directly obtain information on reports or resolve discrepancies. Finicity’s status as a registered CRA is a symbol of its commitment to consumer control and empowerment, as well as its dedication to the requirements of the lending space.
Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative. Finicity is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment.
Finicity is also a Freddie Mac Asset and Income Modeler (AIM) service provider for assets and income, and Freddie Mac and Finicity are working together on new methods to validate income and employment from payroll deposit data.
To stay up to date on all Finicity company and product announcements, visit the website atwww.finicity.com.
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About Finicity:
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s Finance API of the Year and is a HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.
About LendingQB:
LendingQB, a provider of an innovative web-based loan origination system (LOS) and division of MeridianLink, continues to extend market-leading integrations through its web-based LOS that provides lenders with a flexible, innovative workflow. The system’s open-architecture application program interface (API) enables lenders to select the tools that maximize efficiency by leveraging integrations from more than 250 mortgage service providers. For more information, visit www.lendingqb.com.
About MeridianLink:
MeridianLink, Inc., developer of the industry’s first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for financial service organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, Calif., MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit www.meridianlink.com.
Finicity CEO Steve Smith explained to World Finance reporter Courtney Goldmsith how technology is erasing traditional blockers to financial access. Digital tools have made it easier for unbanked consumers using just their mobile phones to open bank accounts and access lower-cost credit. You can read more here.
In this podcast, Silicon Slopes Director of Operations Garrett Clark and Finicity CEO Steve Smith discuss the early years of Finicity, what makes for good workplace culture, the fintech industry, mortgage lending, digitization, financial inclusion and how Finicity’s solutions empower consumers to use their financial data to make better financial decisions. Listen to the entire podcast here.