SimpleNexus announced an integration with Finicity’s Mortgage Verification Service (MVS) that allows lenders to streamline the verification of applicants’ assets, income and employment using a single embedded service.
Finicity launched MVS in February. The service leverages consumer-permissioned bank and payroll data to provide accurate, real-time insight into a borrower’s current assets, income and employment in minutes, without any paperwork. MVS has helped lenders shave up to 12 days off the origination process and is accepted by both Freddie Mac and Fannie Mae, making loans eligible for rep and warrant relief.
SimpleNexus is the first mortgage point-of-sale (POS) platform to offer Finicity’s MVS as an integrated solution. Without ever leaving the SimpleNexus mobile app, borrowers can use MVS to complete asset, income and employment verification in a few simple steps that take just minutes to complete. Lenders receive validated payroll, paystub and bank account data in real time and can refresh the data within 10 days of the loan closing as needed to fulfill investor requirements.
Read the full release here.