Lending, Open Banking, Partnership Announcements
Finicity Aligns with DataVerify to Improve Digital Lending Process
Financial data aggregator and data verification provider combine forces to offer real-time asset verification
SALT LAKE CITY, Utah – Oct. 13, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, and DataVerify®, a leading provider of data verification, risk mitigation and data aggregation services, today announced an integration to provide digital, real-time asset verification to the mortgage lending industry.
Finicity’s Verification of Assets (VoA) solution will be directly integrated into DataVerify’s DRIVE® platform, which automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud. Lenders will now be able to access Finicity VoA reports through their DataVerify system as part of their loan review process.
“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, CEO at Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”
Earlier this year, Finicity launched its asset and income verification solutions, bringing the benefits of big data into the digitization of the loan origination market. Among its new products, the VoA solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is an asset verification provider and also a Consumer Reporting Agency (CRA) that directly collects, manages and secures the data from financial institutions for an asset verification report. In turn, DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.
Brad Bogel, senior vice president at DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”
DataVerify is an Authorized Report Supplier for Day 1 Certainty™ from Fannie Mae and provides complete verification services including 4506-T IRS tax transcripts, and coming soon Verification of Employment (VOE) and Verification of Income (VOI) through the Fannie Mae Desktop Underwriter® (DU®) validation service. Finicity is currently piloting its asset verification report solution with Fannie Mae as a final step toward receiving Day 1 Certainty Report Supplier approval.
To learn more about asset and income verification with Finicity, visit www.finicity.com/credit-decisioning/. To learn more about the services that DataVerify provides, visit www.dataverify.com/content/services.htm.
# # #
About Finicity: 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. To learn more and test run the rock-solid API today, visit www.finicity.com.
About DataVerify: DataVerify is the premier provider of risk mitigation, data validation, and decision management solutions for the mortgage industry. DataVerify harnesses advanced analytics and technology to create automated and configurable workflow and decision management solutions. Our highly responsive platform empowers lenders to make precise and consistent business decisions through an engine that identifies and measures hidden threats such as data integrity errors and misrepresentations, identity theft, and property and application risk. Engineered to offer optimal flexibility, the DataVerify platform (which incorporates 4506T, SSA, and employment and income verification) allows lenders to manage risks according to their institution’s tolerance level.