Mortgage, Open Banking
Pulte Mortgage and Finicity Partner to Combat the Home Loan Paper Chase
Advanced technology reduces asset verification process from weeks to minutes
ATLANTA – April 10, 2019 – Pulte Mortgage announced today it is partnering with Finicity — a leading provider of real-time financial data access and insights, to provide its borrowers with a faster, simpler and more secure way to navigate the home financing process. Pulte Mortgage is a wholly-owned subsidiary of PulteGroup, Inc. (NYSE: PHM) that finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes and Neighborhoods brands.
As anyone with a mortgage knows, securing a home loan has historically been a manual, paper-intensive process—especially when it comes to verifying borrowers’ assets. Through Finicity’s verification platform, up to 24 months of bank, brokerage and 401k data can now be accessed to confirm assets within minutes—eliminating the need for borrowers to find, copy and scan reams of paper verifications. This can reduce the mortgage origination time by more than a week, giving borrowers more control of the process, without a lot of the hassle.
Although the mortgage process has drastically improved over the past decade for borrowers and lenders alike, it hasn’t always been this way. “The mortgage lending industry has changed dramatically over the decades, but never more so than over the past 10 years,” said Debra Still, president and CEO of Pulte Mortgage. “The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages. The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”
The partnership with Finicity is just the latest in Pulte Mortgage’s commitment to advance technology solutions that make it easier and more transparent for borrowers navigating the mortgage process. In addition to their new instant asset verification feature through Finicity, Pulte Mortgage customers can upload essential documentation from their mobile device with just the snap of a picture; e-sign key regulatory disclosures with the swipe of a finger; and leverage a personalized digital dashboard to stay up-to-date on their loan’s progress when and where they want. These digital enhancements strengthen data security by leveraging advanced authentications, bank-level encryptions and secure borrower connections.
“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” said Steve Smith, CEO of Finicity. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”
“Whether it’s your first house or your last, building a new home is an exciting process,” added Still. “It is a time where you get to create a space that is uniquely personalized for your lifestyle and taste. That is why we are continuously working to simplify home financing for our customers, so they can spend more time focusing on building their dream home.”
About Pulte Mortgage:
Pulte Mortgage is a wholly-owned financial services subsidiary of PulteGroup, Inc. (NYSE: PHM) that solely focuses on the financing of new construction homes for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes brands. Founded in 1972, Pulte Mortgage has financed more than 700,000 homes from coast-to-coast while offering borrowers more than 200 different home loan solutions. Pulte Mortgage works hand-in-hand with the homebuilder to allow a closely-coordinated, streamlined financing experience that never misses a beat. To learn more about Pulte Mortgage and the services they offer, visit https://secure.pultemortgage.com/. (Equal Housing Lender – Company NMLS #1791)
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.