Finicity is part of the Mastercard family. Our open banking platform provides the financial data you need.

In partnership with Mastercard Open Banking, with services provided by Finicity, a Mastercard company, Fannie Mae continues to work toward improving access to affordable housing with secure banking-powered technologies, speeding up the application process for lenders and reducing the need for manual document preparation.

In addition to helping lenders validate assets and assess a borrower’s rent payment history and cash flow, Fannie Mae’s Desktop Underwriter® (DU®) validation service gives lenders the power to verify a borrowers’ income and employment information using a single 12-month asset report. This digital enhancement is saving lenders time while enhancing the borrower experience.   

Demand for a better mortgage process 

Traditionally, borrowers have been asked to manually collect and share stacks of sensitive income documents with mortgage loan officers, a time-consuming and less secure process that creates inefficiency for both the borrower and the lender. 

A complete digital verification solution for mortgage lenders 

DU provides a digital option that simplifies and removes friction from the application process. When applying for a mortgage, borrowers can access Finicity’s user-friendly Connect consent flow to link their bank accounts, enabling their data to be easily shared with the lender.  

With one report from Finicity, DU can help lenders validate a borrower’s asset, income and employment information while simultaneously analyzing cash flow and rent payment history to help approve more potential homeowners.  

All the verifications needed to process a mortgage application can be conducted on the spot, without paperwork.  

Fannie Mae’s latest innovation leverages Mortgage Verification Service (MVS) from Finicity as a leading report supplier to power the verifications needed to process a mortgage application.  

“With Desktop Underwriter® (DU®), lenders can now get even more benefits from using a single 12-month asset report. We continue to look for ways to help lenders streamline their validation processes and improve the borrower experience, and this latest enhancement helps them do just that.” 

Peter Skarnulis, Fannie Mae Vice President, Business Account Management Solutions

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The future of digital finance is evolving, and it’s happening just in time

Over the last few years, the move to digital finance has accelerated. Consumers are adopting emerging financial apps and services, empowering them to take control of their financial health. The same technological leaps that are enhancing payments, financial management and banking are also changing lending for the better, and they couldn’t have come at a more opportune time. 

That’s because consumers are feeling the impact of economic uncertainty and worry about the effect that it may have on them. In a 2023 survey, Mastercard spoke to 7,600 consumers across the United States, Canada, the U.K., Australia, France, Germany and Spain about their recent financial experiences.  

 Over 89% of respondents say that they’ve been negatively affected by economic uncertainty.  

At the same time, whether they’re making big purchases like homes or handling everyday needs like transportation or food, consumers worry that they won’t be able to borrow what they need.  

Open banking data can help consumers get to the bottom of these challenges.   

For starters, open banking allows consumers to permission access to their bank account, allowing lenders to augment their credit decisioning models with real time information that gives a better view of the consumer’s ability to repay a loan. That’s important because 95% of those who have been denied a loan in the past two years want more insights into the lending process. People are willing to share secure access to their bank account data, if it means better interest rates, instant approval for a loan, improved chances of being approved for a credit card or to secure an increase in the limit on a credit card.    

Lenders benefit, too. By augmenting traditional credit models with open banking, they can improve operational efficiencies, lower costs and create innovative new lending models that can give consumers the credit they deserve, when they need it.   

The world is going digital

The data revealed in Mastercard’s Lend Report shows global consumer support for a more transparent, digital-first approach to lending. Read more about the future of lending in Mastercard’s Lend Report here.