How technology simplifies digital mortgage lending
Technology enables scale. Digital-first lenders are able to navigate the highs and lows of the housing market with fewer negative impacts and increased efficiency of business operations.
With open banking, the paper chase and multiple phone calls or email requests to the borrower are replaced with real-time, accurate data that the customer provides via their own consent.
Borrowers can permission their accounts and focus on what’s important to them. Lenders can refresh the data as needed in their digital mortgage platforms. It’s a win-win for all parties.
Our mortgage verification reports include:
Our asset verification reports are easy to read and deliver a comprehensive picture of a borrower’s bank account and assets.
We provide the income data you need in an accessible, simple report that includes income streams and 12 to 24 months of transaction data.
Our employment verification reports give you all the real-time financial data you need from multiple sources and service providers.
Advantages to using a digital mortgage process
Save time and money
Using digital methods can cut at least eight days from the origination process. Faster processing times mean savings on the total expenditure on closing a loan—and the cost to close a loan rises every year.
Data quality and security
We convey data straight from the bank account, leaving less room for human error or fraud. This way, the consumer gets the best interest rate for their money and lenders can rest easy with reduced risk.
Better customer experiences
Customers can provide all the needed documentation through a single application. Our mobile-first Connect experience allows them to complete the process anytime, anywhere.
Direct API connections to bank accounts enable loan officers to process more loans than ever before, cutting out the tedium of manual verifications entirely. They can also grow the pool of potential borrowers with analytics that reveal good financial habits that may have gone unnoticed with legacy decisioning models.
We stand out so you can stand out
We work hard to stand out from among other mortgage verification solutions so that you can stand out from among your competitors. With our solution you’ll get:
Get access to our broad FI coverage and secure oAuth connections. That means higher reliability and greater data quality.
Our position as a CRA can empower borrowers with the ability to view and dispute verification reports.
We understand that adopting digital solutions isn’t always as simple as clicking, “Gather income and employment information.” We provide adoption best practices, resources and training so you can get the most out of our verification solutions and maximize your ROI.
We deliver assets, income, and employment verifications through one process that can involve as little as a single engagement experience with the borrower.
We want to make the validation process with GSEs and investors as smooth as possible for mortgage lenders. Our income and employment verification is GSE-accepted and delivers the data quality necessary for loan validation.
Enable consumer permissioning with Connect, a fast, secure and transparent data permissioning experience.
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Rent and cash flow data now in use by GSEs
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Frequently Asked Questions
Traditionally, the mortgage application process has been conducted on paper, involving much time and effort on both the borrower’s and the lender’s parts. A digital mortgage allows a borrower to simply give their consent to a lender to view their financial data and verify their income, assets and employment status.
Yes. More trusted financial institutions like brick-and-mortar banks and credit unions are adopting digital mortgage technology by the day, enabling them to provide a digital experience to their current customers.
The adoption of open banking-enabled digital mortgage technology allows lenders to both save time and gain a more complete picture of a borrower’s finances, resulting in cash savings or even an increase in approval rates for customers.
Certain open banking solutions are provided by Finicity, a Mastercard company.