Mortgage, Open Banking, Partnership Announcements
Finicity and Capsilon Partner to Modernize and Digitize Mortgage Origination
Outdated manual asset verification process to be replaced by Finicity’s automated digital report
SALT LAKE CITY and SAN FRANCISCO – September 18, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today an integration agreement with Capsilon, a leading provider of intelligent process automation software for the mortgage industry. Under the agreement, Finicity’s Verification of Assets (VoA) solution has been integrated into the Capsilon platform to improve the speed, user experience and economics of the mortgage process.
Finicity’s VoA solution provides bank-validated insights into borrower assets, enabling reports to be generated in only minutes. The solution reduces fraud, frees up resources, shortens time to close and is now integrated with Capsilon borrower and loan officer workspaces to automate asset verification. This further streamlines the loan application process — borrowers no longer need to search for bank statements, and loan officers have more time to focus on higher value activities, such as getting more loans.
“We’re excited to work alongside Capsilon with the shared goal of transforming the difficult manual mortgage origination processes of today into a modern and digital experience of the future,” said Steve Smith, Finicity CEO. “Finicity’s VoA reports are a key part of the next-generation mortgage process.”
Capsilon builds intelligent tools that transform the way mortgage companies work. The end-to-end platform uses data and AI to automate manual tasks and enable better, faster decision-making.
“The mortgage industry is undergoing radical transformation driven by technology. Those who invest in the right technology now will gain a competitive advantage to help them minimize risk and accelerate growth as the market changes,” said Jim Obsitnik, Chief Operating Officer of Capsilon. “We’re thrilled to partner with Finicity to help mortgage companies speed up the application process and deliver better borrower and loan officer experiences.”
Both Finicity’s asset and income solutions are delivered under the CRA framework, which allows borrowers to directly obtain information on reports or submit disputes. Finicity’s status as a registered CRA is a symbol of its commitment to safeguarding consumer privacy and dedication to the mortgage 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. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.
Finicity is also an authorized Freddie Mac asset validation report 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
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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.
Capsilon builds products that transform the way mortgage companies work, making mortgages easier and less expensive for everyone. Capsilon uses data and AI to automate manual tasks and enable better, faster decision-making, delivering an average customer ROI of 400%. More than 160 of the mortgage industry’s most innovative companies use Capsilon’s enterprise SaaS solutions, including 3 of the 10 largest U.S. residential mortgage companies. Capsilon touches fifteen percent of all U.S. mortgages and, in 2017, $400 billion in mortgage loans went through Capsilon’s platform. The company is headquartered in San Francisco and has more than 450 employees worldwide. For more information, visit www.capsilon.com.