Trust over IP Foundation

Digital innovations are happening at lightning speed. The sheer number of things we can do online—simply by sharing some of our data—is truly astounding.  And it’s growing daily.

But with convenience comes concern. Consumers are beginning to worry about how much data they’re sharing. What companies are doing with it. And who should really own that information. With breaches at historic highs and increasing since the COVID-19 pandemic, it’s no wonder consumer trust is beginning to wane.

That’s why Finicity has joined with 20+ governments, nonprofits, and businesses across finance, health care, enterprise software and other industries to create the Trust over IP (ToIP) Foundation and advance digital trust standards. 

This cross-industry coalition has partnered with the Linux Foundation to create global industry standards for both ecosystem governance and technical standards for the exchange of verifiable credentials between any two parties on the Internet. The adoption of TOIP will dramatically enhance privacy for consumers and businesses— while infusing data with trusted markers that prove it comes from a credible source. It will also allow consumers to connect, interact, and innovate at a speed and scale not possible today. 

The mission of the ToIP aligns with our own guiding core principles of control, access, transparency, traceability, and security, which is why we felt compelled to become a founding member.


A roadmap for empowerment and innovation

Data breaches are at an all-time high. Consumer confidence is at an all-time low. And losses due to identity theft are growing every day. As hard as this situation is, we believe this triumvirate of pain will drive the adoption of a new data ecosystem.

And that’s exactly what the ToIP Foundation has mapped out. With a global standard for trustworthy exchange of data, plus collaboration between all stakeholders—from industry leaders to policy makers to consumer groups—we can create an ecosystem that significantly advances digital trust and keeps innovation on track.  

It starts by giving consumers control of their data. This will allow them to decide who gets what information—rather than sharing more than is necessary and introducing unnecessary risk. That, in turn, will allow more space for companies to create a wide variety of compelling solutions that further empowers consumers and that they can embrace with confidence.

The ToIP Foundation will use digital identity models that leverage interoperable digital wallets and credentials, along with the new W3C Verifiable Credentials standard, to address these challenges and enable consumers, businesses, and governments to better manage risk, improve digital trust and protect all forms of identity online. 

Think of the possibilities. Loans that currently take several days to underwrite could be done in minutes—leading to faster closings and lower costs. Other types of transactions can happen faster, too. Imagine proving your age without sharing your drivers license or proving your nationality without sharing your passport. TOIP will dramatically improve data privacy by reducing or eliminating the need to share data. Imagine being able to answer yes to a question “are you over 18?” without ever sharing your birthdate.


ToIP Foundation members

The ToIP Foundation is being developed with global, pan-industry support from leading organizations with sector-specific expertise.  Please visit to view an up-to-date list of both steering and contributing members.   

As we work together to solve the trust dilemma, we’ll see a rapid acceleration of innovations that will change the way we do business, share consumer information, connect with others, and engage in entertainment. All with the utmost confidence in the security of our data.

In 2019, 64 percent of global consumers used a fintech service. Then COVID-19 hit.

Due to social distancing measures, most face-to-face transactions have dropped off. What does this mean for the fintech industry? Here are four indicators that fintech will not only survive this crisis but will also see accelerated growth as well:

 #1 – A sudden acceleration in all things digital has given fintech even more permission to play.

COVID-19 has drastically and rapidly changed how we interact with each other. This, coupled with the associated economic slowdown, has created the opportunity for fintechs to rise to the financial challenges we all face.

Never has the world been more open to the innovative solutions offered by fintech. This was powerfully demonstrated in early April when PayPal became the first non-bank to be approved to administer small business loans via the US Small Business Administration’s Paycheck Protection Program.

 #2 – Fintech apps have seen increased user engagement.

According to Forbes, the US saw “35% growth in time spent in finance apps overall from the week of December 29 to [March 15, 2020].” In addition, “Japan and South Korea have also seen phenomenal growth in time spent [in] finance apps at 85% for the same time period.” By reviewing examples of 2020 usage and industry changes, we see that fintech is well-poised to become even more essential to daily life.

 #3 – Increased need for verification.

With the US Federal Reserve cutting interest rates to almost zero, homeowners are looking to refinance. However, growing unemployment rates have increased risk for lenders. Mortgage companies need real-time insights through consumer-permissioned data. They also need to provide their customers with an engaging digital experience, which is quickly becoming the new normal. In response, they may turn to data access providers like Finicity for digital employment, income, and asset verification.

 #4 – Fintech grows in uncertain times.

The rapid rise of modern fintech traces its roots to the 2008 global recession. Consumers lost trust in the financial services industry, and new challengers arose to address marketplace concerns. Born out of adversity, “fintech is an industry that thrives when there are specific problems to solve.”

While the full effects of COVID-19 remain to be seen, these four indicators suggest that this economic situation will continue to drive significant interest in innovative financial services. Out of necessity, customers are seriously exploring digital tools available via traditional financial firms, as well as new entrants. This exploration will quickly become a habit, leading to permanent adoption of digital financial experiences. Increased customer interest means the services that solve the financial problems of today and tomorrow are well-poised to enjoy success in the post-socially distanced world.

Clearly the spread of the novel coronavirus (COVID-19) is top of mind for everyone. We are sure that you are taking time to think through and plan on how it could impact your employees and business. At Finicity, we’re doing the same. We wanted to share our plans and readiness activities in response to the coronavirus. We’ll continue to update you here if there is any new information.

At the moment, COVID-19 has been declared a pandemic. We have seen industry events canceled and more business being conducted via teleconferencing in an effort to reduce the spread. For the most current information regarding COVID-19 and its impact, please check out the World Health Organization and the Centers for Disease Control and Prevention.

Additionally, the Department of Health & Human Services and the CDC has a helpful guide for providing updates on the coronavirus while also providing tips on how to effectively run your business and protect your employees and customers during this time.

Finicity’s Approach

Finicity is committed to protecting the health of our team members and customers. We are also dedicated to providing seamless and trustworthy API and decisioning services to each and every one of our customers. We know that you and your customers rely on us staying up and running—and we wanted to share what we’re doing to ensure we’re operating without a hiccup.

Restricting travel for our team

Finicity has significantly limited business travel both outbound and inbound (if you are planning on meeting with us, please connect with your Finicity lead to understand how these processes may impact your meeting). We have also encouraged our team members to minimize personal travel and implemented disclosure and self-quarantine policies.

Work from home program

We’ve started a work-from-home policy for employees, which we may expand in the coming days. We’ve asked that certain individuals work from home—specifically, people who are likely to get sick more easily, or for whom it’d be particularly problematic to get sick.

Suspension of visitors to Finicity offices

We have implemented a policy of restricting visitors and requiring screenings for those few that we will be hosting. We’re moving in-person meetings and candidate interviews to video-conference as much as possible.

Continued technological best practices

Finicity’s infrastructure is built on the world’s largest and most advanced IaaS platform — Amazon Web Services (see more on AWS’s pandemic response procedures here). Our systems are administered by experienced and fully empowered operators and are monitored around the clock by best-in-class software monitoring tools to notify our operations team of any anomalous behavior. Our internal incident report and response process is well documented and followed by each team at Finicity. Our state-of-the-art technology stack and operations practices have prepared us to provide you continuity of services for situations like this and more.

While we don’t know what the full implications will be of the coronavirus, we are proactively taking precautionary steps. We want to err on the side of caution and ensure there is no impact to your business with us. We will continue to monitor the situation and provide updates. Don’t hesitate to contact your Finicity team with any questions or concerns.

As a CEO, there is truly nothing better than learning that your team members are inspired and motivated by their work. To know that my colleagues feel validated and that they look forward to walking through Finicity’s doors every day is exceptionally meaningful. So I was completely delighted to learn that Finicity earned a place on Comparably’s 2019 Best Company Culture list. This ranking is based on employee feedback on issues like work environment, compensation, leadership, and perks and benefits.

Here at Finicity, our corporate culture centers on one word: UPLIFT. Encompassed within this one word are the values that inform everything we do – the “why” behind all of our actions. These values are Urgency, Purpose, Leverage, Insight, Focus, and Teamwork. 

Our Company Culture

Before we look at each of those six values closely, I want to share some of the things we’ve done at Finicity to take abstract values and translate them into meaningful actions that can take place in our offices each and every day. When we first developed the UPLIFT framework, we crafted a book detailing each value and attribute. From cover to cover, this book communicates the Finicity story and work ethic. We broke each core value down into individual attributes, 23 to be exact, and the book shares examples, case studies, and memorable quotes related to each one. 

Once we had the book in hand, we brought the team leads from across the company together for a leadership training. We knew that if we wanted our UPLIFT message to resonate, we had to make sure every team lead understood the principles and had the tools to share those principles with their team members. That kickoff event was just the jolt of energy and enthusiasm we needed to hit the ground running. 

We now hold regular company-wide UPLIFT trainings. Each team member gets a copy of the book and I have the pleasure of facilitating each training session in our Salt Lake City office. It’s important to me to spend this time with our team members, to share my own passion for these values and to get feedback from the people that live them each and every day. 

Critically, this initiative doesn’t stop with our Salt Lake City team members. We’re fortunate to have a large team in Mumbai, India. It’s been inspiring to watch them take these UPLIFT values to heart, even incorporating the values into their physical office space. It’s programs like this one that keep us united as a team, even when we’re separated by oceans and time zones. 

Finally, we’ve incorporated the UPLIFT attributes into our monthly peer-nominated awards. For years, Finicity has recognized team members in each of our monthly all-hands meetings. It’s always wonderful to read the nominations that pour in month after month and to honor and validate the fantastic work happening across our offices. Team members are recognized for the commitment to urgency, purpose, leverage, insight, focus, and teamwork. 

Now let’s dive into each of the values and why we’ve chosen to focus on them.


Anyone in business knows that success comes to those who hustle. Worrying a plan to death is a sure fire way to get absolutely nowhere. So, at Finicity we remind each other that it’s “progress before perfection” and that “urgency eliminates complacency.” 

While we’ve had a lot of pivotal successes as a company, it’s imperative that we keep pushing forward, searching out new opportunities, reaching new milestones. As a team, we approach each new day with renewed energy and drive. 


Simon Sinek famously explained this principle with his Golden Circle. While a company clearly knows what they do, what products or services they offer, they must also understand how they get this work done and how they can differentiate themselves from other players in their field. However, neither of these will lead to any kind of significant impact unless team members understand the why. This has nothing to do with revenue or making money. Rather, it’s your North Star, the reason your company exists, the foundation of values that underscores everything you do. 

To make sure that we don’t get distracted by the what and the how, Finicity team members know to always ask why and to strive to do the right thing every time. Our customers are firmly front and center. Always. We know that our work has the potential to dramatically increase financial inclusion, empower consumers, and help people make the best financial decisions. And that’s the fuel that powers our company. 


This value is ultimately about recognizing that we can’t succeed alone. We encourage our team members to step up when something needs doing, to take the time to lift each other up, and to tap into all the resources their team members offer. It’s easy to say that “simplicity is genius,” but it’s quite another matter to make sure our actions reflect that belief. Leverage is about finding the most efficient way to reach your target. So if your team member can help you get there faster and do a better job, there’s no sense in struggling to reach that goal alone. 


If there’s one thing that drives our work day in and day out, it’s our determination to never settle for good enough when best is out there. We chase that best by maintaining constant curiosity. We’re always asking: “What would happen if we tried this?” “I wonder what we might learn if we dug a little deeper?” “Should we loop in another team member to see what they think?” 

Moving forward with insight also means reflecting back on our own progress. As German writer and statesman Johann Wolfgang von Goeth explains, “There is nothing so terrible as activity without insight.” So while we’re always reaching for opportunities, we also know that inches add up to milestones. It’s important to recognize these inches and the power in each step. To take the time to analyze each step and look for learning opportunities. Because each step takes us closer to our goals. 


Going hand in hand with Insight is Focus. The ability to hone in on a task and to make every minute matter is what turns insight into action. Remember the dog in the movie Up? Whenever we sense that we’re veering off track, we take a breath and remind each other: “Don’t chase the squirrels.” 

And while we do pay attention to all those inches that add up to milestones, part of Focus is remembering that not everything can be measured like really great ideas, investing our time wisely, and improving our skills, not to mention our lives outside of the office with our families and friends. When we choose to focus, we make the best use of our time and resources. It’s this focus that contributes to a healthy work-life balance.


This final value is the one that pulls all the others together. Teamwork is what fuels Insight and Urgency, it’s the manifestation of Purpose and Leverage. And while it may seem counterintuitive, the best teamwork allows us to really Focus and pay attention to what matters most, minute to minute. 

I like to remind all of our team members that in our offices, there’s no place for titles (or egos). We are team members and each one of us is equally important to delivering great products and creating an ideal work environment and culture. Words matter. How we treat each other matters. You can’t expect to make a positive impact on the world without first attending to your teammates. Outward success is dependent on internal collaboration. 

So, there you have it. Our UPLIFT values. It’s my hope that other leaders can take what works for them and implement it into their own company culture programs. I want to thank every Fincity team member (or as we like to put it, “Finitizen”). Thank you for dedicating so much of your time, your energy, and your effort to contributing to our company’s success and to the success of our partners and the consumers that use our products. This award is a reflection of all the actions you take, both big and small, that make Finicity a great place to work. 

Alternative Data Federal Reserve

Yesterday, leaders at the Federal Reserve, FDIC, OCC and CFPB announced their support for using alternative data, like transaction or cash flow data, in credit underwriting.

This statement represents several years of work in the nation’s capital by principled regulatory leaders, lawmakers, passionate consumer advocacy groups, and individual thought leaders tied together with the thoughtful rollout of products like Experian Boost, the UltraFICO Score, Fannie Mae Day 1 Certainty and Freddie Mac AIM.

These products use alternative data to meet the needs of credit underwriting in a digital world by providing data direct from consumers’ financial accounts combined with enhanced insights from that data. This level of connection and insight hasn’t been available in credit scoring or mortgage lending until now.

The agencies recognized that alternative data in underwriting will ultimately lower the cost of credit and increase access to credit. They also recognized that these two key results are coming directly from the innovation and continued automation of underwriting and the evolution of credit score modeling.

As the agencies outlined, benefits include:

  • Improved speed and accuracy of credit decisions.
  • Deeper insight when evaluating creditworthiness of consumers not currently in the mainstream credit system.
  • Enabling consumers to obtain additional products and more favorable pricing or terms based on enhanced assessments.
  • Providing credit opportunities for those who would otherwise be denied.
  • Increasing transparency and amount of control consumers have over their data.

It’s remarkable to see US regulators come together in unanimous public support of the principles we have evangelized to empower consumers through open banking principles and practices.

As we continue on this path, and as the agencies encouraged, responsible use of consumer’s data is paramount. Keeping the consumer at the heart of what we do has been Finicity’s North Star since our founding. This focus has driven the design of products and solutions that provide data to consumers for their benefit. It’s also the reason that we’ve taken extra measures to protect consumers by maintaining our status as the only data access provider who is also a registered consumer reporting agency.  

Congratulations to everyone who has supported this effort. This is just the beginning for where and how alternative data can be used to benefit consumers. 

Finicity is pleased to announce that our Verification of Assets (VOA) integration is now live in the Ellie Mae Encompass Digital Lending Platform and in Encompass Consumer Connect. Both solutions now include Finicity’s VOA reports that can be delivered to the borrower in an email flow or as part of an uninterrupted web workflow.

Our VOA report provides bank-validated insight into a borrower’s current financial assets. It’s a natural addition to the Ellie Mae suite of tools. Within Encompass or Consumer Connect, borrowers identify their chosen accounts and permission access for a review of their balance data. We rapidly generate a thorough report with detailed asset information mapping it to the 1003 application in Encompass. What has traditionally been a manual process overly burdened by paperwork can now be completed in minutes in a streamlined digital experience. 

In the Ellie Mae Encompass Digital Lending Platform digital verification helps loan officers close more loans, streamline their workflow, and save an average of $813 per loan. Encompass provides everything loan officers need all in one place, including digital verification of assets. 

On the consumer-facing side, Encompass Consumer Connect makes it easy for borrowers to complete their online mortgage application. They can chat with their loan officer, upload files, and sign documents with total convenience and security. This consumer portal gives borrowers more control than ever before. They can run their own credit reports, get their online verification of assets report, and eSign all necessary documentation. 

So what will this new integration deliver?

Superior Data Quality – Encompass and Consumer Connect users will now have access to best-in-class financial data, all permissioned by borrowers and delivered in a clear, accessible format for asset verification. 

Optimal Experience for Loan Officers – Everything loan officers need to optimize their workflows. Streamlined integration, fully automated workflow, all within the LOS they already use.

Convenient Experience for Borrowers – It doesn’t get any easier than this. Paperless, an intuitive user interface, and consumer control and access. All packaged in a completely digital experience with your brand front and center. 

Efficiency that Drives Revenue – A streamlined, automated verification that maps data directly into the 1003 application means faster closing times and more loans closed. Our VOA shortens the application process by as many as 6 days. And that means increased revenue potential. 

Loan origination isn’t just about account numbers and closing balances. Ultimately, the lending process is about providing borrowers with a great customer experience. Lending professionals have four main objectives: 

  1. Identify potential borrowers.
  2. Obtain and analyze borrower financial data.
  3. Advise borrowers about lending options and decisions.
  4. Move borrowers through the loan origination process until they have the funds they need.

Finicity’s new AssetReady report was designed to help lenders achieve each of these objectives with maximum efficiency. This digital asset verification solution uses high value data to deliver accurate, real-time verification in seconds. And this means better decision-making for lenders and borrowers alike. In the end, access to this data saves time, improves overall workflows, and makes for a better borrower experience.

Critically, the more information a lending professional has at the beginning of the loan origination process, the more they’ll be able to provide their clients with meaningful insights into their financial situation and possible lending options. And once your borrower is ready to move forward with their lending application, you can easily shift from the AssetReady report into Finicity’s Verification of Assets and Verification of Income and Employment solutions. All from one source. All with the best data. 

The Return on Investment: Digitizing the Loan Origination Process

What does this return on investment look like? A larger volume of prospective clients, reduced closing times, increased closing volumes, and improved customer retention and referrals. By using AssetReady, lenders are able to better qualify customers up front. With the efficiencies created by an entirely digital process, lenders can expect savings in both time and costs. The process is faster and requires less manpower and that drives profitability. 

This digital process also boosts borrower satisfaction. Today’s consumers expect total convenience. They want their loan application to be simple and intuitive. They require proactive service, personalized interactions, and connected experiences across multiple channels. 76% of customers say it’s easier than ever to change service providers. There is no shortage of options, so, like Goldilocks, they will just keep searching until they find the perfect fit. 84% of customers report that they crave personalized interaction. They don’t want to feel like just another invoice number.

If service providers fail to meet these demands, they will be left behind. The streamlined AssetReady process makes it easy for borrowers to submit their financial information. They can permission use of financial account data anytime, anywhere. Not to mention, it also enables lenders to engage with borrowers in meaningful and relevant ways. This all adds up to happy customers and happy customers become repeat customers who are willing to refer others down the road.  

Why the Right Data Platform Provider Matters  

Paul Parisi, President of PayPal Canada, explains that Big breakthroughs and progress can’t happen in silos. Working collaboratively with partners – within an organization as well as within your ecosystem to solve business problems – generates the kind of energy that fuels growth, innovation and creativity.” 

But this growth and innovation only happens when partners foster trust, communicate openly, and deliver their best. Because partnership is so important in business, we wanted to share our approach to partner relationships here at Finicity.

  • The Best Data: Our data is exceptionally accurate. We use it to supply our partners with an innovation platform to compete in and disrupt markets, envision new business models, and deliver exceptional experiences using consumer-permissioned financial data. Our direct data agreements with leading financial institutions mean reliable connections, enhanced informed consent for consumers, and access to the very best data. 
  • Commitment to Consumer Control: Finicity is the only registered CRA currently in the data access and insights/digital verification space. We take the consumer data privacy and security very seriously. Our standing as a registered CRA ensures transparency and borrower control of the lending process. 
  • Smart Onboarding: Our training resources, step-by-step guides, and personalized support make it simple for new partners to integrate our solutions with existing platforms. They have everything they need to successfully use and implement Finicity products. Beyond that, our customer-facing products have been carefully designed to guarantee a simple, streamlined borrower experience. 

Ready to learn more? Register for our AssetReady webinar on Thursday, Nov. 7 at 2 p.m. ET, or schedule a demo today. Here’s a product brief and a guide to reading the report to get you started. 

For players in the financial services and fintech ecosystems, data is our business. So it makes sense that data security takes center stage in everything we do. There are three central facets to data security protocols: exceptional visibility, best-in-class tech, and a deeply rooted culture of security awareness. 


Are your security standards, or those of the data provider you work with, up to par? 


When consumers permission their data to various third-party services and providers, they want to know that their data is safe. Once that trust is established, 40 percent of consumers increase their transactions, 39 percent increase spending, and 49 percent go on to tell friends and family about their positive experience with an organization. 


Giving consumers the ability to control what data they share and who they share it with opens up so many new opportunities for improving financial wellness. But we have to make sure security keeps up with the ever-accelerating pace of product innovation and bad actors.


Here are three metrics you can use to analyze your own data security, or the protocols in place at your partner aggregator.  

Exceptional Visibility

First things first. You have to recognize vulnerabilities, training deficiencies, and reconnaissance attempts against your platforms, both internally and externally. After all, you can’t protect what you don’t know about or what you can’t see. Having a complete picture of alerts, alarms, and probes against your platforms provides greater visibility into areas of possible exposure.


Behind the scenes, prioritization is critical to efficiency. McKinsey explains that “a strong cybersecurity strategy provides differentiated protection of the company’s most important assets.” Taking the time to conduct an asset audit will produce a clearer picture of which systems need the greatest attention from your security team. Once this hierarchy is established, it becomes easier to tailor workflows for optimal efficiency and security coverage. 

The Best Tech

What tech specs should you expect in a top-notch data security system? Multi-factor authentication, pretty standard in most security protocols these days, is crucial. Beyond that, you should expect robust third-party penetration testing. That outsider view of your security system is invaluable and can expose any gaps in coverage. Of course, encryption is critical. Not only should data be encrypted while it’s actively being used, it should be encrypted while it’s at rest. 


Finally, when at all possible, tokenized access is the ideal way to reduce the amount of Personally Identifiable Information data that gets shared. This is especially important when you’re dealing with financial records that can include items like social security numbers and bank account information.

Culture of Security Awareness

As important as all of those technical security processes are, they will never be enough if you don’t invest in a culture of security. What does this mean? It means employing a Defense-in-Depth approach. That looks like 24/7 monitoring and physical security, employee education and awareness, and participating in third-party audits of systems. We have found that complying both ISO27001 and Service Organization Control (SOC 2 Type 2) protocols provides an additional layer of awareness and scrutiny. We’re audited for these standards every year. 


Basically, everything from how employees access their office space to the details of our risk management processes is designed to enhance security. Gene Frederiksen, Chief Information Security Specialist at PSCU, explains it this way: “A culture of security is in place when action replaces rhetoric. Security is easy to talk about but not always easy to do.” In other words, if your data security plan isn’t all-encompassing, it isn’t comprehensive enough. Does your organization’s commitment to data security extend to all corners of your business and its culture? 


When it comes right down to it, data security impacts everyone across all ecosystems. People want to know that their personal financial data is safe. Companies want to be able to assure customers that their personal financial data is secure. And data custodians want to know they are sharing data with a highly trusted partner. That’s why it’s so important to get the details of your data security system right and to loop in independent auditors and analysts to make sure you haven’t missed anything. When it comes to data management, security is everything. 

I am saddened today at the news of the passing of Jud Bergman and his wife Mary Miller-Bergman in a tragic car accident in San Francisco. 

Jud was an early innovator in the consumer-permissioned financial data space and helped build Envestnet into what it is today serving thousands of financial advisors and millions of consumers. He was committed to a vision of delivering better intelligence to consumers to improve their lives and provide better outcomes. Jud’s passion and zest for life will be greatly missed by all who had the opportunity to associate with him and the company he founded.

At Finicity, we had the opportunity to work with Jud on industry-wide initiatives such as the Financial Data Exchange to help provide a better future for consumers and their data. We are truly sorry for the loss and our heartfelt condolences and prayers go to his family, friends and everyone at Envestnet in this time of grief.

In 2018, 36 major lenders (9,000 mortgage originations and above) were able to produce more closed loans. Those lenders ranged from United Shore Financial, who originated 37,507 more loans than in 2017, to Pacific Union Financial who produced 149 more loans than the previous year.

While the market as a whole originated 9% fewer mortgages, shrinking by 600,000 loans, there were an additional 19 lenders who performed better than the industry average but originations decreased from 2017 to 2018.

There are plenty of avenues for growth in a down or stagnant lending market — M&A, digitization, and even expansion can each make an impact. On the other hand, when it comes to originations and mortgage volume, simply treading water and waiting for better times can sometimes be a good strategy if lenders are preparing for what comes next.

Finicity has found that helping lenders digitize their origination process is one of the best avenues for growing originations and market share whether demand is high or whether lenders are experiencing a trickle of applicants.

Using digital verification solutions can help lenders:

  • Close more loans and do so up to two weeks faster.
  • Create engaging, simpler experiences for their customers.
  • Save time and money through efficiency and automation.
  • Free loan officers to better engage with customers.

Without further ado, here’s the list of the 36 large lenders who grew in 2018.

LenderYear-over-Year Growth2018 Originations2017 Originations
Fidelity Southern Bank58.85%16,10910,141
Cardinal Financial 58.08%20,30212,843
Citizens Bank39.37%26,97819,357
Eagle Home Mortgage39.19%34,56324,831
United Shore Financial 35.49%143,193105,686
Union Home Mortgage 35.04%17,01212,598
First Federal Bank32.25%9,5927,253
CrossCountry Mortgage28.88%28,59822,190
Fairway Independent 24.27%104,39384,004
Vanderbilt Mortgage23.59%13,76611,138
Guaranteed Rate21.72%72,01659,166
Barrington Bank & Trust20.90%12,88210,655
NVR Mortgage Finance Inc18.95%15,04212,646
Ruoff Home Mortgage15.32%12,26910,639
Prosperity Home Mortgage15.12%12,43010,797
CMG Mortgage Inc.14.02%26,85023,549
American Financial Network13.85%13,38011,752
21ST Mortgage11.65%23,42920,985
DHI Mortgage 10.26%30,06327,266
Paramount Residential Mortgage 10.06%20,05418,221
Bank of England10.00%10,5759,614
Arvest Bank9.86%12,23011,132
Huntington National Bank8.08%28,73126,582
Ark-La-Tex Financial Services6.68%12,17611,414
BancorpSouth Bank6.14%9,8709,299
Navy Federal Credit Union3.34%55,86554,057
State Employees’ Credit Union3.28%18,42217,837
Lake Michigan Credit Union2.75%10,78410,495
Mortgage Research Center2.72%46,48245,252
Guild Mortgage Company2.72%63,74162,055
American Pacific Mortgage 2.48%21,19920,685
Pulte Mortgage 2.39%14,29413,961
Renasant Bank1.65%10,78310,608
Residential Mortgage Services0.78%15,47315,354
Pacific Union Financial0.58%25,93625,787

Data taken from the MBA 2019 and 2018 HMDA Residential Originations Databook.