Finicity also authorized as a Fannie Mae Day 1 Certainty™ report provider
SALT LAKE CITY, Utah – October 22, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today Finicity Reports, an online platform that allows lenders to order, manage and monitor digital verification reports. Finicity Reports streamlines the credit decisioning experience to deliver loan approvals faster and with less chance for fraud than traditional methods. The first type of report to be available through the platform is verification of assets.
“At Finicity, we are digitizing lending through direct access to financial account information permissioned by the borrower,” said Steve Smith, CEO and co-founder of Finicity. “By leveraging real-time account data directly from the bank, we’re able to provide a comprehensive view of a borrower’s financial status and generate an accurate verification in minutes.”
Finicity Reports simplifies the lending workflow by enabling loan officers to request and manage verification reports for their borrowers through a secure, accurate and simple-to-use online portal. All communications to the lender’s customer can be lender-branded. Once a lender requests a verification report on a potential borrower, a communication is automatically generated and sent to the borrower. This communication provides a path for the borrower to quickly and securely connect with their financial institutions, identify financial accounts and permission access to data. The solution then collects the bank-validated data, applies Finicity’s analytics and generates a verification report.
This digitally driven process eliminates time spent collecting statements, completing forms and the frequent requirement for multiple submissions. Furthermore, it reduces the risk of doctored documents and allows underwriters to cut back on resources needed to sort through and verify paper copies.
The Finicity Reports solution will go live later this month and will be directly accessible at www.finicityreports.com.
In addition, Finicity is now an authorized, integrated vendor for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®) tool as part of the landmark Day 1 Certainty™ initiative. With Day 1 Certainty, lenders can validate loan application data upfront, including income, assets and employment. The results are freedom from representations and warranties on validated loan components, more efficient risk management and a streamlined process.
Finicity is the first financial data aggregator to complete this authorization process, which required a significant pilot with a major lender and a deep assessment of its information security systems, data quality and delivery capabilities.
The company is also developing online verification report portals for strategic partners, including the world’s largest credit bureau, Experian.
“We are continually looking to enhance our offerings for lenders so they may quickly and easily verify a borrower’s ability to manage a loan,” said Alex Lintner, president, Consumer Information Services at Experian. “Working with Finicity for an online verification process furthers our goal of delivering superior solutions and experiences for our customers.”
Unlike other verification report providers, Finicity directly manages the connections and data flow with financial institutions, ensuring data access and quality while also maintaining bank-level security throughout the process. And, through its Certified FI program, Finicity ensures access to and delivery of the required data elements for 80 percent of DDA and investment account types in the U.S.
As part of the company’s commitment to consumer transparency and financial wellness, Finicity is a registered Consumer Reporting Agency. Finicity follows FCRA regulations and allows borrowers to directly obtain information on reports or submit disputes.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning. It is also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity is the winner of API World’s 2016 Finance API of the Year.