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Mortgage, Open Banking

How Finicity’s Flexible Mortgage Verification Service Simplifies Mortgage Lending Verifications

The traditional mortgage process can feel cumbersome to borrowers and loan officers, especially when the digital solutions dominating our lives have us accustomed to fast, convenient, and simple processes. Slow and complex mortgage workflows are more than inconvenient and unfortunately all too common. They require input at every step, back and forth between multiple partners even for some of the simplest tasks. Traditional, manual mortgage processes can also hinder lenders from reaching the full potential of their organizations.

Fortunately, Finicity Lend’s Mortgage Verification Service (MVS) enables lenders to build a simple, streamlined mortgage verification experience with the flexibility to adapt to different mortgage lending use cases and enhance the lending experience for all.

The Drawbacks of Yesterday’s Mortgage Process

Gathering documents, calling employers, and conducting manual verifications add time to the origination process and can be a source of stress for prospective borrowers who have to hunt down paperwork. All that paper shuffling can also increase the chance of fraud and risk for lenders. High-friction lending experiences are frustrating for borrowers who have become accustomed to digital experiences in all aspects of their lives.

And while adopting a digital mortgage solution can simplify this otherwise cumbersome process, adapting digital solutions can be daunting when your organization is accustomed to a particular traditional workflow. Do you have to ditch everything about your current process? Are the returns of a digital mortgage solution worth the time and resources to transform your organization?

Let’s find out.

Finicity MVS: The Simple and Flexible Mortgage Verification Experience

Finicity Lend’s Mortgage Verification Service addresses these problems with traditional mortgage lending and the concerns lenders face when confronted with the thought of changing their workflow. It comes down to two key components that have been core to MVS’s development from the beginning: simplicity and flexibility.

MVS Simplicity

Thanks to Finicity’s open-banking platform, MVS can deliver the financial data necessary for accurate, GSE-accepted, reliable verification of assets, income, and employment. And it gets better: MVS enables lenders to receive the verifications they need with only a single permissioning experience by the consumer, from multiple data sources. Even adding paystub data to bank and payroll data for a more comprehensive picture of income can still only take one permissioning experience that feels right at home in the digital lifestyle of today’s borrowers.

Data-driven verifications cut the risk of manual verifications and toss out the paper chase that came with ‘paper-based’ (from actual paper to digital documents) processes. The all-in-one, one-touch experience further streamlines and simplifies the lending process and improves the overall experience for both borrowers and lenders, potentially cutting up to 12 days off the origination timeframe.

MVS Flexibility

Every lending scenario is as different as the borrowers that come to you. These unique scenarios mean that there can’t be a one-size-fits-all digital mortgage solution. It needs to be flexible. MVS is flexible enough to adapt to unique mortgage lending use cases and workflows and balance the appropriate level of borrower friction, optimizing the overall process.

With MVS, lenders can request only the data they need to validate income, assets, or employment, or they can request all the verifications at once. No need to sort through unnecessary information to assess a borrower’s risk. For example, a refinancing may not require the asset verification necessary with a new home purchase. MVS provides what you need, when you need it, and in the best, most simplified way with clean, easy-to-read reports.

And while MVS’s one-touch experience is ideal, some use cases or customer experiences require more than one permissioning experience with the borrower. Some consumer flows, for example, only require asset data in one step, and then request income data separately. Or, your flow may attempt a complete verification from transactions only, and you may return to the borrower for a second permissioning experience for paystub data later. MVS can as easily adapt to these two-touch scenarios as the one-touch experience, enhancing lender flow rather than replacing it, and allowing lenders to balance friction with borrowers on their own terms.

Regardless of the permissioning experiences required for accurate and reliable risk assessment, borrowers and lenders will always enjoy a streamlined, fast, secure permissioning process through Finicity Connect for less friction and more time saved. Thanks to this flexibility, MVS helps lenders balance what you believe is the best experience for the borrowers with the tools you need to get the highest possible verification success rate.

With Finicity’s MVS, you can enjoy the benefits of a streamlined, simplified, and flexible digital mortgage experience without sacrificing what makes your lending process unique to your organization. And to top it all off, you get the most accurate data, courtesy of open banking and consumer permissioning. Enhance your lending with Finicity Lend’s MVS.