Mortgage Cadence to integrate Finicity’s asset verification solution with its loan origination software platform
DENVER and SALT LAKE CITY; May 31, 2018 – Mortgage Cadence, an Accenture (ACN) company, has signed an agreement to integrate Finicity’s Verification of Assets solution with its loan origination platforms, enabling clients to streamline and accelerate the loan process by generating a verification report with a single click, shaving up to six days off the traditional closing timeline.
The integration of the Finicity solution with Mortgage Cadence’s loan origination software platform is designed to further streamline and enhance the borrower experience. Borrowers consent to the use of their financial account data through a short online process, which then rapidly generates a verification report.
“Our goal as a financial data aggregator is to find best-in-class partners who are also committed to data access, quality and insights, and ultimately a better experience for borrowers,” said Steve Smith, Finicity CEO. “We’re excited to work with Mortgage Cadence to accelerate and improve the digital loan process.”
A leading provider of real-time financial data aggregation and insights, Finicity offers solutions that help lenders digitize and modernize the lending process, reducing friction for borrowers while providing better, cleaner data that reduces verification time to minutes instead of days. Upon consumer-permissioned account identification, reports can be generated in as little as 30 seconds.
“Our agreement with Finicity simplifies yet another important step in the mortgage process for both borrowers and lenders, getting everyone involved in the transaction to the closing table more quickly and with fewer steps,” said Brian Benson, executive manager of Services Center at Mortgage Cadence.
Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter®, giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative. Because Finicity is also part of Fannie Mae’s single source validation (SSV) pilot, Fannie Mae can use 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 the two organizations are working together on new methods to validate income from payroll deposit data from bank statements.
About Mortgage Cadence:
Since 1999, Mortgage Cadence, champions of the lending process, have been providing the best people, process and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing, Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. For more information about Mortgage Cadence’s products and services, visit www.mortgagecadence.com.
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, while 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 was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
Editor-in-chief of HousingWire and host of the “In the Winner’s Circle” podcast Jacob Gaffney recently spoke with Finicity CEO Steve Smith about digitization in the lending industry, the importance of customer data protection and the role that blockchain technology is beginning to play. Listen to the full podcast to learn more about how these tech trends are impacting mortgage lending here.
Finicity was announced today as a HousingWire Tech100 winner, denoting our company as one of the most innovative technology companies in housing! We were recognized for our suite of credit decisioning products, including Finicity Reports, and our commitment to moving the industry towards an all-digital verification process. To read more, click here. To see the full list of winners, click here.
Reporter Kelsey Ramírez from HousingWire covered the announcement of our integration with Ellie Mae, whose quoted executive said, “Our mission is to provide our lenders and partners with a true digital mortgage.” To read the full article, click here.
Integration provides verification of assets report to speed up lending process while improving the experience for lenders and their customers
SALT LAKE CITY, Utah and PLEASANTON, California – March 19, 2018 – Finicity, a provider of real-time financial data aggregation and insights, and Ellie Mae® (NYSE: ELLI), the leading cloud-based platform provider for the mortgage finance industry, today announced an integration agreement to provide Finicity’s digital Verification of Assets (VoA) solution through Ellie Mae’s Encompass® digital mortgage solution.
The mortgage origination process has increased in cost over the past several years, reaching almost $8,000, according to the Mortgage Bankers Association, doubling the cost since 2009. Additionally, consumers have increasing expectations for a fast and simplified experience. To address this, Finicity is leading the delivery of digital verifications that can help speed the process up to 11 days. First to market is the Finicity VoA report, providing a streamlined digital experience that rapidly and accurately validates a borrower’s assets and will be accessed through Encompass.
“Increased access to financial data is changing the way lenders look at underwriting and is playing a major role in moving lending to a fully digital experience,” said Steve Smith, CEO and co-founder of Finicity. “Working with a market leader like Ellie Mae to deliver on the promise of digitization is very exciting and will have significant impact on the origination process.”
Finicity is one of the largest financial data aggregators and uses consumer-permissioned financial data for its credit decisioning solutions. Through a digital verification process, lenders can shorten the time to close and reduce personnel and financial resources. Utilizing transaction data direct from financial institutions also improves accuracy and reduces fraud. Additionally, it provides borrowers a paper-free, hassle-free experience.
Ellie Mae is offering a true digital mortgage experience covering the entire loan lifecycle, so lenders can originate more loans, lower origination costs and reduce time to close. Ellie Mae’s connected community includes 230,000 users and thousands of service providers, and the Ellie Mae Network processes millions of transactions every month, touching approximately 30 percent of the residential loans originated in the United States. Finicity will leverage Partner Connect as part of the early partner program to offer income and asset verification to Ellie Mae customers.
Through the integration, lenders will be able to request an asset verification report in a single click. Once requested, a borrower will be prompted to complete a simple online process that identifies the financial information they want included and permissions the creation of the report. Lenders can review reports with bank-validated data in near real-time, shortening the verification process to minutes — instead of days.
“At Ellie Mae, our mission is to provide our lenders with innovative solutions to automate the entire loan lifecycle for a true digital mortgage,” said Parvesh Sahi, senior vice president of business development for Ellie Mae. “We will continue to embrace technology partners like Finicity to change the way lenders and consumers engage in the loan manufacturing process. We’re happy to partner with Finicity to provide solutions through our Encompass NG Lending Platform and our Encompass Connect product suite to help realize the vision of a truly digital mortgage.”
Finicity is an authorized asset report provider as part of Fannie Mae’s Day 1 CertaintyTM 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 partnering 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 www.finicity.com.
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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.
About Ellie Mae:
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
Finicity’s Verification of Assets solution to be integrated into MortgageHippo’s digital lending platform
SALT LAKE CITY, Utah – March 6, 2018 – Finicity, a provider of real-time financial data aggregation and insights, announced today it is working with MortgageHippo, creators of the leading borrower-centric digital lending platform, to streamline and speed up the verification process in mortgage lending. The initial focus is on integration of Finicity’s Verification of Assets (VoA) solution into the MortgageHippo platform, further digitizing the mortgage experience for lenders and borrowers.
Finicity’s credit decisioning solutions allow lenders to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paper-free, hassle-free experience that utilizes transaction data direct from financial institutions. Through the MortgageHippo platform, lenders will request an asset verification report, which will then inform the borrower to complete a simple online process to identify the financial information they want included and to permission creation of the report. Lenders can review reports with bank-validated data in near real-time, shortening the verification process to minutes instead of days.
“Consumers are looking for experiences that are simple and fast. Lenders are looking to meet these expectations while improving efficiency and profitability,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to work with MortgageHippo, another innovator that is enhancing the mortgage lending experience for borrowers and lenders with a smart, digital process.”
“Finicity has shown significant market leadership in digitizing the verification process for mortgage lending,” said Michael Salichs, president of MortgageHippo. “Having their solution integrated into our platform is a perfect fit with our vision of an omnichannel digital experience that makes the lending process easier, faster and more pleasant for everyone.”
MortgageHippo is integrated with several industry leading loan origination system (LOS) providers, further simplifying access to and management of reports.
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 CertaintyTM 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.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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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.
About MortgageHippo:
MortgageHippo works with lenders to devise and implement their digital mortgage strategies using its borrower-centric digital lending platform. The MortgageHippo platform allows lenders to deliver a modern borrowing experience, improve borrower conversions, significantly reduce origination costs and integrate with other innovative technologies. MortgageHippo’s platform is fully customizable to lender preferences and configurable to lenders’ workflows and processes. For more, visit www.mortgagehippo.com.
Announced at Mortgage Bankers Association Annual Convention & Expo
SALT LAKE CITY, Utah – October 23, 2017 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today participation in Fannie Mae’s pilot for Single Source Validation as an asset report provider. Single Source Validation is an enhancement to the Desktop Underwriter® (DU®) validation service that leverages bank account data collected via a single asset report to validate income, assets and employment.
“Using customer-permissioned access to bank account data is one of the most transformative trends within mortgage lending and the verification process,” said Steve Smith, CEO and co-founder of Finicity. “Fannie Mae has demonstrated significant leadership in accelerating this transformation, and with the pilot of Single Source Validation we, as an industry, are rapidly moving to a fully digital experience that will benefit borrowers and lenders alike.”
Finicity is currently an authorized, integrated report provider for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This provides lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative.
As part of the Single Source Validation pilot, Fannie Mae will utilize transaction data from Finicity asset reports. Through the asset reports, Fannie Mae will validate not only assets but also income and employment. Using a single source will dramatically increase efficiency and accuracy through underwriting, processing and QC.
Fannie Mae’s Single Source Validation is currently in pilot with a broader rollout planned for 2018 to allow for feedback and collaboration with lenders and industry partners. The solution will build on its Day 1 Certainty initiative, providing freedom from representations and warranties for income, assets and employment validated through this single source process.
To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
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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.