Announced at Mortgage Bankers Association Annual Convention & Expo
SALT LAKE CITY, Utah – October 23, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today participation in Fannie Mae’s pilot for Single Source Validation as an asset report provider. Single Source Validation is an enhancement to the Desktop Underwriter® (DU®) validation service that leverages bank account data collected via a single asset report to validate income, assets and employment.
“Using customer-permissioned access to bank account data is one of the most transformative trends within mortgage lending and the verification process,” said Steve Smith, CEO and co-founder of Finicity. “Fannie Mae has demonstrated significant leadership in accelerating this transformation, and with the pilot of Single Source Validation we, as an industry, are rapidly moving to a fully digital experience that will benefit borrowers and lenders alike.”
Finicity is currently an authorized, integrated report provider for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This provides lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative.
As part of the Single Source Validation pilot, Fannie Mae will utilize transaction data from Finicity asset reports. Through the asset reports, Fannie Mae will validate not only assets but also income and employment. Using a single source will dramatically increase efficiency and accuracy through underwriting, processing and QC.
Fannie Mae’s Single Source Validation is currently in pilot with a broader rollout planned for 2018 to allow for feedback and collaboration with lenders and industry partners. The solution will build on its Day 1 Certainty initiative, providing freedom from representations and warranties for income, assets and employment validated through this single source process.
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.
Finicity also authorized as a Fannie Mae Day 1 Certainty™ report provider
SALT LAKE CITY, Utah – October 22, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today Finicity Reports, an online platform that allows lenders to order, manage and monitor digital verification reports. Finicity Reports streamlines the credit decisioning experience to deliver loan approvals faster and with less chance for fraud than traditional methods. The first type of report to be available through the platform is verification of assets.
“At Finicity, we are digitizing lending through direct access to financial account information permissioned by the borrower,” said Steve Smith, CEO and co-founder of Finicity. “By leveraging real-time account data directly from the bank, we’re able to provide a comprehensive view of a borrower’s financial status and generate an accurate verification in minutes.”
Finicity Reports simplifies the lending workflow by enabling loan officers to request and manage verification reports for their borrowers through a secure, accurate and simple-to-use online portal. All communications to the lender’s customer can be lender-branded. Once a lender requests a verification report on a potential borrower, a communication is automatically generated and sent to the borrower. This communication provides a path for the borrower to quickly and securely connect with their financial institutions, identify financial accounts and permission access to data. The solution then collects the bank-validated data, applies Finicity’s analytics and generates a verification report.
This digitally driven process eliminates time spent collecting statements, completing forms and the frequent requirement for multiple submissions. Furthermore, it reduces the risk of doctored documents and allows underwriters to cut back on resources needed to sort through and verify paper copies.
The Finicity Reports solution will go live later this month and will be directly accessible at www.finicityreports.com.
In addition, Finicity is now an authorized, integrated vendor for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®) tool as part of the landmark Day 1 Certainty™ initiative. With Day 1 Certainty, lenders can validate loan application data upfront, including income, assets and employment. The results are freedom from representations and warranties on validated loan components, more efficient risk management and a streamlined process.
Finicity is the first financial data aggregator to complete this authorization process, which required a significant pilot with a major lender and a deep assessment of its information security systems, data quality and delivery capabilities.
The company is also developing online verification report portals for strategic partners, including the world’s largest credit bureau, Experian.
“We are continually looking to enhance our offerings for lenders so they may quickly and easily verify a borrower’s ability to manage a loan,” said Alex Lintner, president, Consumer Information Services at Experian. “Working with Finicity for an online verification process furthers our goal of delivering superior solutions and experiences for our customers.”
Unlike other verification report providers, Finicity directly manages the connections and data flow with financial institutions, ensuring data access and quality while also maintaining bank-level security throughout the process. And, through its Certified FI program, Finicity ensures access to and delivery of the required data elements for 80 percent of DDA and investment account types in the U.S.
As part of the company’s commitment to consumer transparency and financial wellness, Finicity is a registered Consumer Reporting Agency. Finicity follows FCRA regulations and allows borrowers to directly obtain information on reports or submit disputes.
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.
Financial data aggregator and data verification provider combine forces to offer real-time asset verification
SALT LAKE CITY, Utah – Oct. 13, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, and DataVerify®, a leading provider of data verification, risk mitigation and data aggregation services, today announced an integration to provide digital, real-time asset verification to the mortgage lending industry.
Finicity’s Verification of Assets (VoA) solution will be directly integrated into DataVerify’s DRIVE® platform, which automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud. Lenders will now be able to access Finicity VoA reports through their DataVerify system as part of their loan review process.
“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, CEO at Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”
Earlier this year, Finicity launched its asset and income verification solutions, bringing the benefits of big data into the digitization of the loan origination market. Among its new products, the VoA solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is an asset verification provider and also a Consumer Reporting Agency (CRA) that directly collects, manages and secures the data from financial institutions for an asset verification report. In turn, DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.
Brad Bogel, senior vice president at DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”
DataVerify is an Authorized Report Supplier for Day 1 Certainty™ from Fannie Mae and provides complete verification services including 4506-T IRS tax transcripts, and coming soon Verification of Employment (VOE) and Verification of Income (VOI) through the Fannie Mae Desktop Underwriter® (DU®) validation service. Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 Certainty Report Supplier approval.
To learn more about asset and income verification with Finicity, visit www.finicity.com/credit-decisioning/. To learn more about the services that DataVerify provides, visit www.dataverify.com/content/services.htm.
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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. To learn more and test run the rock-solid API today, visit www.finicity.com.
About DataVerify: DataVerify is the premier provider of risk mitigation, data validation, and decision management solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506T, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.
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“This will be beneficial to those consumers that are thin-file or no-file for credit scoring, but are otherwise completely capable of managing a loan,” Steve explained.
To read the full article, click here.
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