Technology from Finicity to integrate into repayment platforms for accurate, secure authentication and payment

SALT LAKE CITY, Utah – August 13, 2019 – Finicity, a leading provider of real-time financial data access and insights, announced today the rollout of its Student Loan Account Verification product, which will simplify employer benefit repayment programs, where employers are looking to contribute to or help repay employee’s student loans. 

More companies are expanding their benefits programs to include student loan repayment plans. Through the new solution, repayment platforms can use Finicity’s ACH endpoint to confirm accounts and routing numbers and make payments on behalf of employers for their employees. This adds an extra component of accuracy and security in the student loan repayment process, while also streamlining the process through a digital experience. 

“Student loans have become a major concern for individuals and families, with 3 out of 4 graduates burdened by debt,” said Andy Sheehan, President and COO of Finicity. “We are excited to contribute to an emerging trend in employer contributions to student debt by delivering a solution that eases the process and increases efficiency.”

Several repayment platforms are already utilizing the new solution with their employer-paid student loan contribution programs including Vault.

“Companies are rapidly evolving their benefit offering to meet the needs of the modern workforce,” says Matt Beecher, Vault’s CEO.  “We chose Finicity to enhance our user experience within our student loan repayment benefit because of the technology’s superior coverage and capabilities.”

Student Loan Account Verification will leverage Finicity Connect, an embeddable web application, which enables an intuitive experience for employees and is easily integrated into the repayment platforms. Repayment platforms can present the white-labeled Finicity application to individual employees to identify the correct student loan processor for their account and connect to it. Finicity’s solution will then validate the payment details, including the amount and specific payment number.

Finicity, known for strong coverage of financial institutions and data quality, has built out its connections to student loan lenders, refinancers, and servicers to provide exceptional student loan account coverage.

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’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 and 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

Integration to speed up lending process while improving digital experience for lenders and borrowers

SALT LAKE CITY, Utah and PLEASANTON, California – July 29, 2019 – Finicity, a provider of real-time financial data access and insights, and Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, today announced that Finicity’s digital Verification of Assets (VoA) solution is now available through Ellie Mae’s Encompass® Digital Lending Platform.

Modern consumers expect an increasingly seamless, fast and accurate application process. This has been made possible by digital solutions such as Finicity’s Verification of Assets which can shorten the application process by as many as 6 days. Now lenders can access this solution through Encompass for faster and more precise insights that reduce friction for customers.

“We believe that consumer expectations are driving the mortgage lending experience to one that is as simple and seamless as they’re having in other parts of their life, like e-commerce, ride-sharing, and more,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to partner with an organization like Ellie Mae, that shares this vision and is pushing innovation in the mortgage space.”

Drawn-out closing times and piles of paperwork detract from the excitement of buying a first home. Integrating the Finicity solution into Ellie Mae’s Encompass platform streamlines the origination process for lenders enabling them to eliminate once-manual tasks and devote more time to customer service and business development. With over 230,000 users and thousands of providers, Ellie Mae’s partner network processes approximately one-third of all the residential loans originated in the United States. As part of the partner network, Finicity will provide Ellie Mae customers with fast, frictionless asset verification.

“With the integration of Finicity’s digital Verification of Assets through our Encompass Digital Lending Platform, we are further enabling loan officers, processors and other key lender participants to reduce cycle-times and offer a more complete digital mortgage experience for their customers.” said Parvesh Sahi, senior vice president of business development for Ellie Mae. 

The integration enables lenders to request a digital asset verification report. Once a request has been made, borrowers are asked to complete a simple online process to permission financial data they want included in the report. Lenders can then review the bank-validated report in near real-time, shortening the verification process from days to minutes. 

“Since implementing this integration, our closing times have been significantly reduced,” said Torrey Larsen, Synergy One CEO. “Our loan officers are spending less time trying to verify assets and more time focusing on what really matters — our customers’ futures.”

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®), giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative, and the company is part of Fannie’s Single Source Validation (SSV) pilot. Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are partnering on new methods to validate income using payroll deposit data from bank statements.

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’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018, 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

About Ellie Mae:

Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.

Finicity’s digital verification report provides a faster process and more pleasing customer experience

SALT LAKE CITY – June 20, 2019 – Finicity, a leading provider of real-time financial data access and insights, announced today an integration with LendingQB, a leading provider of SaaS loan origination technology solutions. LendingQB’s platform now uses Finicity’s digital Verification of Assets (VoA) solution to allow lenders to free up resources, increase processing speed and reduce mortgage fraud while providing borrowers with a more efficient and positive experience.

“Digitizing the loan origination process is the key to the future of lending,” said Steve Smith, Finicity CEO. “We’re proud to be one of the tech providers behind this movement and are glad to work with leading digital loan originators like LendingQB to help the industry evolve and improve the experiences for lenders and borrowers alike.”

LendingQB provides solutions that help mortgage lenders reduce costs, maintain compliance and increase profitability, while still putting their customers first. This comes from LendingQB’s unique approach to loan origination system building — layering its core platform with best-of-breed components to create the ideal solution for each lender.

“At LendingQB, we pride ourselves on our ability to seek out the best technology and partnerships to combine with our solution,” said Tim Nguyen, CEO of MeridianLink, the parent company of LendingQB. “This creates a competitive advantage for lenders that delivers a more meaningful experience to the people that really matter: borrowers.”

Both Finicity’s verification solutions are delivered under the CRA framework, which allows borrowers to directly obtain information on reports or resolve discrepancies. Finicity’s status as a registered CRA is a symbol of its commitment to consumer control and empowerment, as well as its dedication to the requirements of the lending space.

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. 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.

Finicity is also a Freddie Mac Asset and Income Modeler (AIM) service provider for assets and income, and Freddie Mac and Finicity are working together on new methods to validate income and employment from payroll deposit data.

To stay up to date on all Finicity company and product announcements, visit the website atwww.finicity.com.

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About Finicity:

Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s Finance API of the Year and is a HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

About LendingQB:

LendingQB, a provider of an innovative web-based loan origination system (LOS) and division of MeridianLink, continues to extend market-leading integrations through its web-based LOS that provides lenders with a flexible, innovative workflow. The system’s open-architecture application program interface (API) enables lenders to select the tools that maximize efficiency by leveraging integrations from more than 250 mortgage service providers. For more information, visit www.lendingqb.com.

About MeridianLink:

MeridianLink, Inc., developer of the industry’s first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for financial service organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, Calif., MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit www.meridianlink.com.

Advanced technology reduces asset verification process from weeks to minutes

ATLANTA – April 10, 2019 – Pulte Mortgage announced today it is partnering with Finicity — a leading provider of real-time financial data access and insights, to provide its borrowers with a faster, simpler and more secure way to navigate the home financing process. Pulte Mortgage is a wholly-owned subsidiary of PulteGroup, Inc. (NYSE: PHM) that finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes and Neighborhoods brands.

As anyone with a mortgage knows, securing a home loan has historically been a manual, paper-intensive process—especially when it comes to verifying borrowers’ assets. Through Finicity’s verification platform, up to 24 months of bank, brokerage and 401k data can now be accessed to confirm assets within minutes—eliminating the need for borrowers to find, copy and scan reams of paper verifications. This can reduce the mortgage origination time by more than a week, giving borrowers more control of the process, without a lot of the hassle.

Although the mortgage process has drastically improved over the past decade for borrowers and lenders alike, it hasn’t always been this way.  “The mortgage lending industry has changed dramatically over the decades, but never more so than over the past 10 years,” said Debra Still, president and CEO of Pulte Mortgage. “The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages. The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”

The partnership with Finicity is just the latest in Pulte Mortgage’s commitment to advance technology solutions that make it easier and more transparent for borrowers navigating the mortgage process. In addition to their new instant asset verification feature through Finicity, Pulte Mortgage customers can upload essential documentation from their mobile device with just the snap of a picture; e-sign key regulatory disclosures with the swipe of a finger; and leverage a personalized digital dashboard to stay up-to-date on their loan’s progress when and where they want. These digital enhancements strengthen data security by leveraging advanced authentications, bank-level encryptions and secure borrower connections.

“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” said Steve Smith, CEO of Finicity. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”

“Whether it’s your first house or your last, building a new home is an exciting process,” added Still. “It is a time where you get to create a space that is uniquely personalized for your lifestyle and taste. That is why we are continuously working to simplify home financing for our customers, so they can spend more time focusing on building their dream home.”

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About Pulte Mortgage:

Pulte Mortgage is a wholly-owned financial services subsidiary of PulteGroup, Inc. (NYSE: PHM) that solely focuses on the financing of new construction homes for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes brands. Founded in 1972, Pulte Mortgage has financed more than 700,000 homes from coast-to-coast while offering borrowers more than 200 different home loan solutions. Pulte Mortgage works hand-in-hand with the homebuilder to allow a closely-coordinated, streamlined financing experience that never misses a beat. To learn more about Pulte Mortgage and the services they offer, visit https://secure.pultemortgage.com/. (Equal Housing Lender – Company NMLS #1791)

About Finicity:

Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive FinTech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018, 2019 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

Annual awards program identifies, recognizes and honors the best FinTech employers nationwide

SALT LAKE CITY, Utah, Feb. 25, 2019 — Finicity, a leading provider of real-time financial data access and insights, was recently named as one of the 2019 Best Places to Work in Financial Technology. The awards program was created in 2017 and is a project of SourceMedia and Best Companies Group.

This annual survey and awards program is designed to identify, recognize and honor the best employers in the financial technology industry. Companies recognized on this year’s list operate in and serve companies and consumers in a wide range of financial services, including banking and mortgages, insurance, payments and financial advisory.

“Here at Finicity, we’re on a mission to empower consumers to make smarter financial decisions through better access and utilization of their financial data,” said Steve Smith, CEO and co-founder. “It’s a true honor to be recognized as one of the best places to work in financial technology. We’re very proud of the culture we’ve created here.”

The 2019 list included 50 companies and was published by SourceMedia brands American Banker, National Mortgage News, PaymentsSource, Financial Planning and Digital Insurance.

“Every one of the companies named to SourceMedia’s Best Places to Work in Financial Technology list demonstrated a culture focused on supporting and engaging employees,” said Richard Melville, Group Editorial Director at SourceMedia.

To be considered for participation, companies had to be an organization that provides technology products, services or solutions that enable the delivery of financial services with at least 15 employees working in the U.S. and been in business a minimum of one year.

Companies from across the U.S. entered a two-part survey process to determine SourceMedia’s Best Places to Work in Financial Technology. The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking.

For more information on SourceMedia’s Best Places to Work in Financial Technology program, visit www.BestPlacestoWorkFinTech.com. To learn more about FinTech career opportunities at Finicity, visit www.finicity.com/careers/.

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About Finicity:Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

Princeton Mortgage

Asset verification from Finicity will integrate into Princeton Mortgage’s SnapApp

SALT LAKE CITY – December 5, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it is working with mortgage banker Princeton Mortgage to automate borrower asset verification for lenders. The agreement will provide Princeton Mortgage loan officers and borrowers with a faster, simpler loan origination experience that reduces both paper chase and headache.

Princeton Mortgage’s digital mortgage platform, SnapApp, will leverage Finicity’s Verification of Assets (VoA) solution to give lenders access to the data insights they need to streamline the loan application process, reduce mortgage fraud, free up resources and shorten time to close. Automation cuts the verification process from days to minutes as borrowers no longer need to search for bank statements, and lenders have more time to focus on high-value activities, such as approving more loans.

“We’re thrilled to work with Princeton Mortgage and provide its customers with an innovative, paper-free and hassle-free experience,” said Steve Smith, Finicity CEO. “As the leading financial data aggregator in the mortgage lending industry, we are always looking for partners who share our goal of transforming outdated loan origination processes into seamless digital experiences.”

Princeton Mortgage created The Effortless Mortgage™ to perfect the user experience in loan origination. The solution includes platforms for integrating, managing and securing data to reduce stress and complications in the process for both brokers and borrowers. This is always backed by the Princeton Promise — if clients feel that their loan process was not effortless, they can request up to $1,000 credit back at closing. The Princeton Mortgage SnapApp is a key component to this process as it allows customers to get pre-approved in minutes from their phone, tablet or desktop.

“Borrowers want an effortless mortgage experience, and with our new SnapApp they get just that. Through SnapApp’s automated digital mortgage process, borrowers can apply, verify their income and assets, pull their credit, run an automated approval and even receive a pre-approval letter in the middle of the night, at their convenience,” said Nicole Gordon, Princeton Mortgage Sales Enablement Manager. “We are excited to partner with Finicity to help make this digital mortgage process seamless and simple.”

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®), giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative, and the company is part of Fannie’s Single Source Validation (SSV) pilot.

Finicity is also a Freddie Mac automated asset and income validation third-party service provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.

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’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

About Princeton Mortgage:

Princeton Mortgage was founded in 1983 as a licensed mortgage banker and is backed by a 100+ year old multifaceted real estate brokerage, investment, and insurance company. Princeton Mortgage is positioned as a well-capitalized banker that is debt free and is creating dynamic new opportunities within their industry. For more info, visit www.princetonmortgage.com.

Top 52 innovative business leaders in the housing finance industry recognized

SALT LAKE CITY, Utah – December 3, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today that CEO, chairman and co-founder Steve Smith has been selected as a 2018 HousingWire Vanguard.

The HousingWire Vanguard Awards recognize the top business leaders contributing to the growth of the housing finance industry and its various sectors, including lending, servicing, investments and real estate. The majority of the winners are from the C-suite, and many are also founders or co-founders of their businesses. Winners will be recognized in HousingWire’s December/January issue.

“I’m honored to have my efforts recognized among other top leaders in the mortgage industry,” said Smith. “At Finicity, we’re fully dedicated to our mission of using tech to empower consumers through improved access to and control over their financial data. Over the last few years, we’ve seen remarkable innovation within the mortgage industry as it becomes more modern and digital, and we’re glad to play a central role.”

Smith, who founded Finicity in 2000 alongside current company president Nick Thomas, has led Finicity in its efforts to modernize the way consumers are empowered to share, use and manage their financial data. Finicity has developed and deployed a variety of products for mortgage lending, including its Verification of Assets (VoA) and Verification of Income (VoI) solutions, which add speed and accuracy to the loan application process.

Additionally, Smith is leading Finicity to bring more financial services to the underbanked. Finicity’s recent UltraFICO™credit score announcement with FICO and Experian is a large part of this. This solution, which enables consumers to contribute data to be applied to their credit score, will begin rolling out in 2019.

“As the Vanguards award program continues to grow and to be more successful, the entry point gets tighter. These winners are truly the best Vanguards in the mortgage finance industry, and they all deserve the highest honor in the space,” said HousingWire Editor-in-Chief Jacob Gaffney.

Vanguard Award winners are recognized based on their accomplishments in the last 12 months in both their companies and the industry sector they represent.

Earlier this year, Finicity was also named a 2018 HousingWire Tech100 winner. To stay up-to-date on Finicity news, announcements and press, visit www.finicity.com/newsroom.

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About Finicity:

Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. The company has developed more than 15,000 bank, wealth management and credit card integrations, giving it broad market coverage and utilizes advanced analytics and data intelligence to deliver rich financial insights. Finicity received recognition from American Banker in it’s 20 Best Fintechs to Work For list, it was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner.  To learn more or test drive its API, visit www.finicity.com.

 

About HW Media:

HW Media is the leading digital community for real estate, financial services and fintech professionals to engage, connect and gain knowledge. Founded in 2016 through the acquisition of HousingWire, HW Media is based in Dallas, TX with team members across the country. HW Media is owned by Riomar Capital.

 

About HousingWire:

HousingWire is the most influential source of news and information for the U.S. mortgage and housing markets. Built on a foundation of independent and original journalism, HousingWire reaches over 40,000 newsletter subscribers daily and over 4 million unique visitors each year. Our audience of mortgage, real estate, financial services and fintech professionals rely on us to Move Markets Forward. Visit www.HousingWire.com or www.solutions.housingwire.com to learn more.

New system improves credit access, giving consumers more control in credit scoring process, lenders and FinTechs set to pilot

LAS VEGAS, NV – October 22, 2018 – Experian®, FICO® and Finicity® announced a new credit score today during the Money 20/20 USA conference. The new score, called UltraFICO™ Score, leverages account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity.

With UltraFICO™ Score, a consumer grants permission to contribute information from banking statements, including the length of time accounts have been open, frequency of activity, and evidence of saving, which can be electronically read by Finicity and combined with consumer credit information from Experian to provide an enhanced view of positive financial behavior.  

Experian, FICO and Finicity estimate this new score has the potential to improve credit access for the majority of Americans and is particularly relevant for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender’s score cut-off.  Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most.

“This changes the whole dynamic of the lender and customer relationship,” said Jim Wehmann, executive vice president, Scores, at FICO.  “It empowers consumers to have greater control over the information that is being used in making credit risk decisions. It also enables a deeper dialogue between the consumer and lenders to help both parties make better financial decisions.  It’s a game changer.”

The UltraFICO™ Score will launch as a pilot program in early 2019. The pilot is designed to validate the score and assess willingness of consumers to share financial data for a potentially higher score. Pilot participants were sourced across various lines of businesses.

The model developed by FICO will be implemented through Experian and integrated into a lender’s existing operational workflow. Borrower data will be aggregated through Finicity. The UltraFICO™ Score builds off of the framework of the base FICO® Score, and is designed to reflect the same odds-to-score relationship so that the new score can be easily incorporated into lending strategies and origination/account management systems. The UltraFICO™ Score is slated to be broadly available to lenders mid-2019.

“As the consumer’s bureau, our goal is to help empower consumers and to give better access to credit for more consumers, all while promoting fair lending,” said Alex Lintner, president, Consumer Information Services, Experian. “Through this project, we’ve found a new way to use consumer-permissioned data that allows lenders to make better decisions and helps consumers gain access to credit.”

“This approach allows Americans to benefit from positive financial behaviors,” said Steve Smith, CEO, Finicity. “We are proud to have created a new way for consumers to share financial information, safely and securely so that a new UltraFICO™ Score can be created.”

To learn more visit: www.fico.com/en/products/ultrafico-score or www.fico.com/ultrafico

Also, join Experian, FICO and Finicity at this year’s Money 20/20 USA keynote discussion entitled, “New Frontiers in Credit Risk Scoring for a Customer-Centric Era on Oct. 24 at 10:55 a.m. PT.

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ABOUT EXPERIAN

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 16,500 people operating across 39 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at http://www.experianplc.com/ or visit our global content hub at our global news blog for the latest news and insights from the Group.

ABOUT FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at http://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

ABOUT FINICITY®

Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. The company has developed more than 15,000 bank, wealth management and credit card integrations, giving it broad market coverage and utilizes advanced analytics and data intelligence to deliver rich financial insights. Finicity received recognition from American Banker in it’s 20 Best Fintechs to Work For list, it was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

Financial-Data-Exchange-FDX-Finicity

Banks, fintech firms and industry groups launch Financial Data Exchange to create interoperable standards enabling secure data sharing, provide consumers with greater control

RESTON, Va. – October 18, 2018 – Financial institutions, fintech firms and industry groups created the Financial Data Exchange (FDX), a non-profit organization to unify the financial sector around the secure exchange of financial data. FDX will address common challenges around the way industry shares consumer account information to enhance security, innovation and consumer controls. FDX is a subsidiary of the Financial Services Information Sharing and Analysis Center (FS-ISAC).

As digitization has impacted every industry, consumers expect more protection of their personal information. Nearly two-thirds of respondents said they are very or extremely concerned about data privacy when using fintech apps, according to a 2018 survey of 1,500 U.S. consumers conducted by The Clearing House (TCH). Fifty-six percent said they want to control which financial accounts and types of data that third parties can access.

Federal financial regulators and other government agencies have encouraged efforts to enhance security, privacy and innovation. In response, FDX has introduced an interoperable standard and operating framework centered on an application programming interface (API), called the Durable Data API or DDA, unveiled by FS-ISAC earlier this year.

DDA will benefit consumers, financial institutions and fintech companies. Consumers will have better control over their personal financial data through improved access authorization options. If permissioned by consumer, financial institutions will have a simple process for securely sharing consumer data with fintech companies. Fintech companies will be able to access consumer financial information and provide services that consumers want.

DDA will replace the need for screen scraping and credential sharing – both commonly used today. Screen-scraping is third-party use of consumer log-in information to access accounts and “scrape” data to provide services. Adoption of DDA reduces instances of consumer login credentials being stored by fintechs, who will only retrieve account information essential to their services.

“The launch of FDX marks an industry turning-point toward the standardization of secure data sharing,” said Lila Fakhraie, co-chair of FDX and manager of the Digital Banking API team, including the data sharing program, at Wells Fargo. “Our efforts will improve the efficiency and security around the exchange of financial information and empower consumers to control exactly what account data is shared with third-party applications.”

FDX’s board of directors comprises: Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, FS-ISAC, Intuit, JP Morgan Chase, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank, TCH, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee.

“Together, we will fundamentally change financial data sharing while helping consumers and businesses use data to make better financial decisions,” said Steve Smith, co-chair of FDX and CEO of Finicity. “By settling questions of standardization and interoperability, FDX will allow industry to focus on serving their customers and create a strong foundation to encourage innovation.”

To support effective and consistent use of DDA, FDX has constructed an operating framework, policies, membership and developer support. Membership is now open to financial institutions, fintech companies and industry groups who wish to support the development of protocols for data sharing, security standards, and other FDX activities.

About FDX:
The Financial Data Exchange is a non-profit financial industry organization dedicated to promoting and enhancing a common interoperable standard and operating framework for sharing consumer financial data. FDX puts consumers in control of their personal financial data. Open to all financial institutions and fintech companies, FDX facilitates collaboration in the development, growth and industry acceptance of the standard and security requirements. FDX is a subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org/

About FS-ISAC:
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a non-profit corporation that was established in 1999 and is funded by its 7,000 member firms headquartered in 45 countries with users in 72 countries. FS-ISAC is a member-driven organization whose mission is to help assure the resilience and continuity of the global financial services infrastructure and individual firms against acts that could significantly impact the sector’s ability to provide services critical to the orderly function of the global economy. FS-ISAC shares threat and vulnerability information, conducts coordinated contingency planning exercises, manages rapid response communications for both cyber and physical events, conducts education and training programs and fosters collaborations with and among other key sectors and government agencies. Follow us on Twitter @FSISAC, on LinkedIn or visit www.fsisac.com.

Finicity also announces enhancements to its income and asset verification solutions

SALT LAKE CITY, Utah – October 15, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it has been selected as a third-party service provider for the new Freddie Mac Loan Advisor℠ automated income and asset assessment capabilities, which provide a faster, easier way for lenders to verify loan application data upfront. Finicity’s digital verification reports greatly improve efficiency and accuracy, while also providing a simpler, more pleasant borrower experience.

“Finicity loves working with digital innovators. Lenders need digital services to compete and meet customer expectations, and Freddie Mac gets it,” said Steve Smith, CEO and co-founder of Finicity. “They are pushing hard to help lenders remove hassles for borrowers while reducing complexity, cost and risk in loan originations.”

Freddie Mac announced its new income and asset assessment capabilities at the Mortgage Bankers Association Annual Convention & Expo earlier today. Finicity’s verification reports are integrated within Freddie Mac Loan Product Advisor®, the cornerstone of Loan Advisor Suite.  When the capability goes live later this quarter, asset verification will be generally available and income verification will be available as a limited release.

Finicity was selected due to its established expertise within the mortgage lending industry and its innovative digital lending solutions.

“Finicity’s high quality data, combined with their data intelligence capabilities and Loan Product Advisor’s superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers, giving them the Freddie EdgeSM,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution for the Single-Family Business. “This industry-leading solution gives our clients that competitive advantage.”

Finicity also recently released upgrades to both its asset and income verification products. Verification of Assets (VoA) reports now have an option to receive up to 24 months of transaction data. Finicity’s Verification of Income (VoI) report now use an enhanced analytical model to rank income streams with confidence scores.  

Finicity’s upgrades are a part of its larger mission to improve consumer-permissioned data access and further advance digitization in the lending industry. Consumer-permissioned data gives borrowers a path to secure mortgages with less paperwork and hassle, while shortening the time to close and reducing potential fraud. Borrowers can now provide a rich financial history through real-time access to transactions which completes verifications in minutes instead of days. Finicity will continue to innovate its asset, income and employment validations utilizing consumer-permissioned data.

“Utilizing data and automation are critical to the success of lenders as we transform the digital mortgage process,” said Parvesh Sahi, senior vice president, business development, Ellie Mae. “By shortening the lending process and leveraging data to improve decision-making, we’re providing value to all members of the industry including lenders and borrowers.”

Finicity’s verification reports will be available through Ellie Mae, Black Knight, Mortgage Cadence, BeSmartee, MortgageHippo, SimpleNexus, Capsilon, Blue Sage, Lender Price, DataVerify, Advanced Data, and other to-be-announced integrations.

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’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.

About Freddie Mac:

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.