Open Banking, Partnership Announcements
American Financial Resources and Finicity Partner to Simplify the Mortgage Experience
Finicity provides asset verification solution to reduce process from weeks to minutes
SALT LAKE CITY, Utah and PARSIPPANY, New Jersey – October 10, 2019 – American Financial Resources, Inc. (AFR) announced today it is working together with Finicity—a leading provider of real-time financial data access and insights, to provide its business partners and their borrowers with a faster, simpler and more secure way to verify assets and income while originating loans.
American Financial Resources serves thousands of mortgage professionals nationwide with their residential financing needs through industry leading technology, a diverse program catalog, educational resources, dedicated industry experts, and dependable, best-in-class client service.
“We’re thrilled to partner with providers that simplify and accelerate the loan process for our business partners and the mortgage applicant.,” said Bill Packer, Executive VP and COO of AFR. “Finicity is at the forefront of the industry and its technology plays an important part in turning a time-intensive process into a simple, customer-friendly and therefore more satisfying experience for borrowers and their loan officers.”
Through Finicity’s verification platform, borrower assets can be confirmed within minutes, without the need to find, copy and scan piles of paper documents for verification. This can reduce the mortgage origination time by more than a week while eliminating the hassle of paper documents and manual processes.
“Today’s consumers expect simple, rapid experiences on their computers and phones, and the mortgage process should be no different,” said Steve Smith, CEO of Finicity. “AFR is embracing their role as a mortgage industry innovator, focused on meeting the expectations of the next gen consumer.”
Finicity is an authorized, integrated provider of asset verification reports for Fannie Mae’s Day 1 Certainty and Freddie Mac’s Asset and Income Modeler (AIM) programs. Finicity recently announced a breakthrough in digital verification of income and employment. The solution uses its patent-pending TXVerify™ technology to extract a borrower’s pay statement data from the paystub and then cross-verifies that key data with their income transactions from their financial institutions for a real-time picture of an applicant’s income and employment status.
About American Financial Resources:
American Financial Resources, Inc. (AFR) is the leading FHA 203(k) lender for sponsored originations in the country and an innovator in the construction and renovation lending area, as well as being ranked among the nation’s leading mortgage lenders. AFR utilizes the latest technology and delivers educational resources to mortgage brokers, loan originators and their customers. American Financial Resources, Inc. is an Equal Housing Lender: Lender NMLS 2826 at nmlsconsumeraccess.org. For more information, visit http://www.afrcorp.com/.
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.