Maryalene LaPonsie from U.S. News & World Report recently interviewed Nick Thomas, EVP and co-founder, about the types of data that lenders should be considering when a borrower applies for a loan, as well as what the traditional consumer credit score is lacking. He explains how including cash flow data in credit scoring could benefit consumers with a limited credit history. Read the full article here.
Partnership broadens availability of digital verification for improved mortgage lending experience and profitability
SALT LAKE CITY, Utah and MILFORD, Pennsylvania – March 1, 2018 – Finicity and Advanced Data today announced a partnership that includes Finicity verification reports as part of Advanced Data’s suite of fraud prevention and enhanced verification tools for mortgage lending.
The mortgage industry is rapidly moving to a more digital experience for borrowers and lenders alike. Finicity is a leader in this transformation, starting with its digital verification of assets (VoA) report. This report can be ordered through Advanced Data and is interfaced with multiple loan origination system (LOS) providers such as Ellie Mae, Black Knight, Byte Software, Calyx Software and more, in addition to Advanced Data’s own lender-facing SaaS platform.
“In today’s digital world, borrowers and lenders have high expectations for a streamlined process that improves both the experience and the bottom line,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to align with a like-minded organization in Advanced Data to bring to market the most advanced verification solutions that will accelerate next-gen mortgage lending.”
Finicity is one of the largest financial data aggregators and uses consumer-permissioned financial data for its credit decisioning solutions. A digital verification process allows lenders to free up financial and personnel resources while improving accuracy and reducing fraud. Additionally, it provides borrowers a paper-free, hassle-free experience that utilizes transaction data direct from financial institutions.
Through Advanced Data, which has provided compliance, fraud prevention and enhanced verification services to the mortgage industry for more than a decade, lenders will be able to request an asset verification report in a single click. Once requested, a borrower will be prompted to complete a simple online process that identifies the financial information they want included and permissions the creation of the report. Lenders can review reports with bank-validated data in near real-time, shortening the verification process to minutes — instead of days.
“Providing Finicity asset verification reports to our customers reflects our reputation for delivering innovative, high-quality products to the mortgage industry,” said Allen Johnson, CEO of Advanced Data Corporation. “Finicity helps us deliver on our ongoing commitment to provide our clients with competitive advantages and great customer service.”
Advanced Data, with its tax transcript validation report, and Finicity, with its asset verification report, are authorized, integrated report providers within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders validated reports 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. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.
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 enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.
About Advanced Data:
Advanced Data is recognized as the standard for enterprise-wide mortgage data integrity, specializing in fraud prevention and enhanced verifications. Its proprietary technology is integrated with loan origination systems, and the firm offers a SaaS platform for clients that prefer a custom solution. Its services include eTax Verification Form 4506-Ts, proprietary eVoE™ technology, streamlined verifications and reverifications of employment, fraud reports, social security number verifications, AVM plus property inspection, and flood zone determinations. Advanced Data’s proprietary Fraud Report identifies each loan’s fraud risk before and after funding. The firm prides itself on delivering superb customer service, hiring experienced employees, and developing customized, sophisticated technology. It’s one of the only firms in its sector to employ an in-house development group, which ensures its technology provides a competitive advantage to clients and can be customized to their needs. Advanced Data was named to Housing Wire’s prestigious 2017 Tech 100. For more information, visit advanceddata.com.
Our first InfoWorld article in the new year covers predictions for financial data in 2018. We’ll see new developments in data access, the emergence of self-sovereign identity, a movement towards data aggregation standardization, and more. Click here to read all of CEO Steve Smith’s trends to keep an eye on this year.
Finicity CEO Steve Smith was recently interviewed by Minda Zetlin from Inc. on how small businesses can improve their credit scores. Steve emphasized the effect business credit scores can have for owners looking to borrow money or open new lines of credit, and he also shared some tips on how to improve scores. Read the full article here.
Asset verification solution to be incorporated into Black Knight’s LoanSphere Exchange Digital Platform
SALT LAKE CITY, Utah – Dec. 12, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today that its Verification of Assets (VoA) solution will be incorporated in the LoanSphere Exchange Digital platform, Black Knight’s new secure online gateway for lenders and third-party-provider systems to exchange data and documents with each other, facilitating commerce via Application Program Interfaces (API).
The VoA offering is part of Finicity’s credit decisioning solution, which allows lenders to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paperless, hassle-free experience that utilizes transaction data that borrowers give lenders permission to access. Utilizing the LoanSphere Exchange Digital platform, lenders and servicers will be able to readily access Finicity’s VoA report, which will provide bank-validated insights into borrower assets and valuable information, such as underwriting factors, that could affect credit decisioning.
“This latest integration with Black Knight shows our continued momentum in the credit decisioning space,” said Steve Smith, CEO and co-founder of Finicity. “We’re proud to provide lenders and servicers who rely on Black Knight’s LOS access to Finicity’s verification solutions so they can successfully manage the entire loan life cycle.”
LoanSphere Exchange Digital provides a simpler and more streamlined way for lenders to develop and implement their digital strategies, enabling them to bring together their existing and new applications in a more flexible way to offer consumers a complete omni-channel lending experience.
“Finicity’s solution aligns well with Black Knight’s mission to more easily automate the homeownership lifecycle through the advancement of digital capabilities,” said Tom Peterson, president, Black Knight Lending Solutions. “Adding VoA to Exchange Digital’s online platform helps to expedite real estate transactions by further facilitating the flow of data and documents between all participants.”
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. As part of the Single Source Validation (SSV) pilot, Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned for 2018 and will build on Fannie Mae’s Day 1 Certainty initiative.
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 enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.
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Growing fintech earns spot for second year in a row
SALT LAKE CITY, Utah – November 20, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it has been awarded a 2017 Utah Top Workplaces honor by the Salt Lake Tribune. This is Finicity’s second consecutive appearance on the list.
In the past year, Finicity has landed a $42 million round of funding, added new verification products to its credit decisioning solution lineup and announced partnerships and data exchange deals with major financial institutions like Experian, JPMorgan Chase and Wells Fargo.
“We have an incredibly hard-working team at Finicity, and the past year has proven how strong we are as an organization,” said Steve Smith, CEO and co-founder of Finicity. “Whether it’s releasing a new product or announcing a new partnership, our employees have made our current momentum possible. I’m excited to see what we can accomplish together in 2018.”
The Top Workplaces lists are based solely on the results of an employee feedback survey administered by Energage, LLC (formerly WorkplaceDynamics), a leading research firm that specializes in organizational health and workplace improvement. Several aspects of workplace culture were measured, including Alignment, Execution and Connection.
“The Top Workplaces award is not a popularity contest. And oftentimes, people assume it’s all about fancy perks and benefits,” says Doug Claffey, CEO of Energage. “But to be a Top Workplace, organizations must meet our strict standards for organizational health. And who better to ask about work life than the people who live the culture every day — the employees.”
To learn more about joining Finicity’s growing team and working at a top tech company in Salt Lake City, visit the website at www.finicity.com/careers.
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About Finicity:
Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.