New system improves credit access, giving consumers more control in credit scoring process, lenders and FinTechs set to pilot
LAS VEGAS, NV – October 22, 2018 – Experian®, FICO® and Finicity® announced a new credit score today during the Money 20/20 USA conference. The new score, called UltraFICO™ Score, leverages account aggregation technology and distribution capability from Experian and Finicity to help consumers improve access to credit by tapping into consumer-contributed data, such as checking, savings and money market account data, that reflects responsible financial management activity.
With UltraFICO™ Score, a consumer grants permission to contribute information from banking statements, including the length of time accounts have been open, frequency of activity, and evidence of saving, which can be electronically read by Finicity and combined with consumer credit information from Experian to provide an enhanced view of positive financial behavior.
Experian, FICO and Finicity estimate this new score has the potential to improve credit access for the majority of Americans and is particularly relevant for those who fall in the grey area in terms of credit scores (scores in the upper 500s to lower 600s) or fall just below a lender’s score cut-off. Consumers who are relatively new to credit with limited history or those with previous financial distress that are getting back on their feet stand to benefit the most.
“This changes the whole dynamic of the lender and customer relationship,” said Jim Wehmann, executive vice president, Scores, at FICO. “It empowers consumers to have greater control over the information that is being used in making credit risk decisions. It also enables a deeper dialogue between the consumer and lenders to help both parties make better financial decisions. It’s a game changer.”
The UltraFICO™ Score will launch as a pilot program in early 2019. The pilot is designed to validate the score and assess willingness of consumers to share financial data for a potentially higher score. Pilot participants were sourced across various lines of businesses.
The model developed by FICO will be implemented through Experian and integrated into a lender’s existing operational workflow. Borrower data will be aggregated through Finicity. The UltraFICO™ Score builds off of the framework of the base FICO® Score, and is designed to reflect the same odds-to-score relationship so that the new score can be easily incorporated into lending strategies and origination/account management systems. The UltraFICO™ Score is slated to be broadly available to lenders mid-2019.
“As the consumer’s bureau, our goal is to help empower consumers and to give better access to credit for more consumers, all while promoting fair lending,” said Alex Lintner, president, Consumer Information Services, Experian. “Through this project, we’ve found a new way to use consumer-permissioned data that allows lenders to make better decisions and helps consumers gain access to credit.”
“This approach allows Americans to benefit from positive financial behaviors,” said Steve Smith, CEO, Finicity. “We are proud to have created a new way for consumers to share financial information, safely and securely so that a new UltraFICO™ Score can be created.”
To learn more visit: www.fico.com/en/products/ultrafico-score or www.fico.com/ultrafico
Also, join Experian, FICO and Finicity at this year’s Money 20/20 USA keynote discussion entitled, “New Frontiers in Credit Risk Scoring for a Customer-Centric Era” on Oct. 24 at 10:55 a.m. PT.
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ABOUT EXPERIAN
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 16,500 people operating across 39 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at http://www.experianplc.com/ or visit our global content hub at our global news blog for the latest news and insights from the Group.
ABOUT FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at http://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
ABOUT FINICITY®
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. The company has developed more than 15,000 bank, wealth management and credit card integrations, giving it broad market coverage and utilizes advanced analytics and data intelligence to deliver rich financial insights. Finicity received recognition from American Banker in it’s 20 Best Fintechs to Work For list, it 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.
Banks, fintech firms and industry groups launch Financial Data Exchange to create interoperable standards enabling secure data sharing, provide consumers with greater control
RESTON, Va. – October 18, 2018 – Financial institutions, fintech firms and industry groups created the Financial Data Exchange (FDX), a non-profit organization to unify the financial sector around the secure exchange of financial data. FDX will address common challenges around the way industry shares consumer account information to enhance security, innovation and consumer controls. FDX is a subsidiary of the Financial Services Information Sharing and Analysis Center (FS-ISAC).
As digitization has impacted every industry, consumers expect more protection of their personal information. Nearly two-thirds of respondents said they are very or extremely concerned about data privacy when using fintech apps, according to a 2018 survey of 1,500 U.S. consumers conducted by The Clearing House (TCH). Fifty-six percent said they want to control which financial accounts and types of data that third parties can access.
Federal financial regulators and other government agencies have encouraged efforts to enhance security, privacy and innovation. In response, FDX has introduced an interoperable standard and operating framework centered on an application programming interface (API), called the Durable Data API or DDA, unveiled by FS-ISAC earlier this year.
DDA will benefit consumers, financial institutions and fintech companies. Consumers will have better control over their personal financial data through improved access authorization options. If permissioned by consumer, financial institutions will have a simple process for securely sharing consumer data with fintech companies. Fintech companies will be able to access consumer financial information and provide services that consumers want.
DDA will replace the need for screen scraping and credential sharing – both commonly used today. Screen-scraping is third-party use of consumer log-in information to access accounts and “scrape” data to provide services. Adoption of DDA reduces instances of consumer login credentials being stored by fintechs, who will only retrieve account information essential to their services.
“The launch of FDX marks an industry turning-point toward the standardization of secure data sharing,” said Lila Fakhraie, co-chair of FDX and manager of the Digital Banking API team, including the data sharing program, at Wells Fargo. “Our efforts will improve the efficiency and security around the exchange of financial information and empower consumers to control exactly what account data is shared with third-party applications.”
FDX’s board of directors comprises: Bank of America, BB&T, Capital One, Charles Schwab, Citigroup, Experian, Fannie Mae, Fidelity Investments, Finicity, FS-ISAC, Intuit, JP Morgan Chase, PNC Bank, N.A., Quicken Loans, SIFMA, TD Bank, TCH, USAA, U.S. Bank, Wells Fargo, Xero and Yodlee.
“Together, we will fundamentally change financial data sharing while helping consumers and businesses use data to make better financial decisions,” said Steve Smith, co-chair of FDX and CEO of Finicity. “By settling questions of standardization and interoperability, FDX will allow industry to focus on serving their customers and create a strong foundation to encourage innovation.”
To support effective and consistent use of DDA, FDX has constructed an operating framework, policies, membership and developer support. Membership is now open to financial institutions, fintech companies and industry groups who wish to support the development of protocols for data sharing, security standards, and other FDX activities.
About FDX:
The Financial Data Exchange is a non-profit financial industry organization dedicated to promoting and enhancing a common interoperable standard and operating framework for sharing consumer financial data. FDX puts consumers in control of their personal financial data. Open to all financial institutions and fintech companies, FDX facilitates collaboration in the development, growth and industry acceptance of the standard and security requirements. FDX is a subsidiary of FS-ISAC. For more information and to join, visit www.financialdataexchange.org/
About FS-ISAC:
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a non-profit corporation that was established in 1999 and is funded by its 7,000 member firms headquartered in 45 countries with users in 72 countries. FS-ISAC is a member-driven organization whose mission is to help assure the resilience and continuity of the global financial services infrastructure and individual firms against acts that could significantly impact the sector’s ability to provide services critical to the orderly function of the global economy. FS-ISAC shares threat and vulnerability information, conducts coordinated contingency planning exercises, manages rapid response communications for both cyber and physical events, conducts education and training programs and fosters collaborations with and among other key sectors and government agencies. Follow us on Twitter @FSISAC, on LinkedIn or visit www.fsisac.com.
Finicity also announces enhancements to its income and asset verification solutions
SALT LAKE CITY, Utah – October 15, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it has been selected as a third-party service provider for the new Freddie Mac Loan Advisor℠ automated income and asset assessment capabilities, which provide a faster, easier way for lenders to verify loan application data upfront. Finicity’s digital verification reports greatly improve efficiency and accuracy, while also providing a simpler, more pleasant borrower experience.
“Finicity loves working with digital innovators. Lenders need digital services to compete and meet customer expectations, and Freddie Mac gets it,” said Steve Smith, CEO and co-founder of Finicity. “They are pushing hard to help lenders remove hassles for borrowers while reducing complexity, cost and risk in loan originations.”
Freddie Mac announced its new income and asset assessment capabilities at the Mortgage Bankers Association Annual Convention & Expo earlier today. Finicity’s verification reports are integrated within Freddie Mac Loan Product Advisor®, the cornerstone of Loan Advisor Suite. When the capability goes live later this quarter, asset verification will be generally available and income verification will be available as a limited release.
Finicity was selected due to its established expertise within the mortgage lending industry and its innovative digital lending solutions.
“Finicity’s high quality data, combined with their data intelligence capabilities and Loan Product Advisor’s superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers, giving them the Freddie EdgeSM,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution for the Single-Family Business. “This industry-leading solution gives our clients that competitive advantage.”
Finicity also recently released upgrades to both its asset and income verification products. Verification of Assets (VoA) reports now have an option to receive up to 24 months of transaction data. Finicity’s Verification of Income (VoI) report now use an enhanced analytical model to rank income streams with confidence scores.
Finicity’s upgrades are a part of its larger mission to improve consumer-permissioned data access and further advance digitization in the lending industry. Consumer-permissioned data gives borrowers a path to secure mortgages with less paperwork and hassle, while shortening the time to close and reducing potential fraud. Borrowers can now provide a rich financial history through real-time access to transactions which completes verifications in minutes instead of days. Finicity will continue to innovate its asset, income and employment validations utilizing consumer-permissioned data.
“Utilizing data and automation are critical to the success of lenders as we transform the digital mortgage process,” said Parvesh Sahi, senior vice president, business development, Ellie Mae. “By shortening the lending process and leveraging data to improve decision-making, we’re providing value to all members of the industry including lenders and borrowers.”
Finicity’s verification reports will be available through Ellie Mae, Black Knight, Mortgage Cadence, BeSmartee, MortgageHippo, SimpleNexus, Capsilon, Blue Sage, Lender Price, DataVerify, Advanced Data, and other to-be-announced integrations.
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’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.
About Freddie Mac:
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Fidelity customers can share financial data securely with third-party apps and services
SALT LAKE CITY, Utah – September 27, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, has agreed to use an application programming interface (API)-based method for sharing Fidelity Investments customer information, after the customer authorizes such sharing, with financial apps and services that Finicity supports.
Finicity is the first data aggregation provider to sign on to use Fidelity Access℠, Fidelity’s new data sharing API. Fidelity Access will allow Fidelity customers to provide third parties access to customer data through a secure connection without providing log-in credentials. The log-in process is replaced with direct authorization by the customer through Fidelity and the use of tokens for authentication and access.
“As a leading financial data aggregator, we’re constantly looking for ways to provide consumers, like Fidelity customers, with more control of and better insights into their data,” said Finicity CEO Steve Smith. “This agreement will further empower Fidelity customers to use their financial data to manage and enhance their financial lives, while expanding security for when they choose to share this data.”
Consumer control is a key benefit of using APIs such as Fidelity Access. It enables consumers to provide explicit authorization to their financial services firm for the use of their data by third parties. Fidelity Access includes a control center on Fidelity.com and other Fidelity websites, where customers can grant, monitor and revoke third party data access at any time, meaning Fidelity customers can now securely permission the use of their data to assist with investing, retirement planning, college savings and more.
“We seek to make our customers’ financial decisions, from investing to retirement planning, easier and more transparent,” said Stuart Rubinstein, President, Fidelity Wealth Technologies. “When firms like Finicity use Fidelity Access, we are able to serve our customers better by allowing them to share and access their data in a more secure and simple manner.”
Finicity has established relationships with a variety of service and application providers that allow individuals and organizations to manage financial processes. This includes providing data aggregation for several of the most popular personal financial management (PFM) tools, as well as digital asset and income verification solutions.
Once the API-based method of data sharing is in place, expected to go live in the next few months, Fidelity customers can authorize Fidelity to permit third parties to access their financial information for use through Finicity’s data aggregation and insights platform.
To learn more about Finicity data services and their commitment to fast, reliable and high-quality data, visit www.finicity.com.
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About Finicity:
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.
About Fidelity Investments:
Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $7.3 trillion, including managed assets of $2.6 trillion as of August 30, 2018, we focus on meeting the unique needs of a diverse set of customers: helping more than 28 million people invest their own life savings, 23,000 businesses manage employee benefit programs, as well as providing more than 13,000 financial advisory firms with investment and technology solutions to invest their own clients’ money. Privately held for 70 years, Fidelity employs more than 40,000 associates who are focused on the long-term success of our customers. For more information about Fidelity Investments, visit https://www.fidelity.com/about.
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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About Finicity:
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.
About Capsilon:
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.
Deal enables Capital One customers to more securely share their data with popular third-party apps and services
SALT LAKE CITY, Utah – August 8, 2018 – Capital One Financial Corporation (NYSE: COF) and Finicity, a leading provider of real-time financial data aggregation and insights, have signed a data sharing agreement that enhances access and security through Capital One’s Customer Transactions application programming interface (API). As a result, Capital One customers can more securely share financial data with the third-party apps and services that Finicity supports in a way that is safe, secure and within the customer’s control.
“Finicity is hyper-focused on delivering the data insights our partners need to drive their services and enable their customers to make better financial decisions. This starts with superior data access, quality and intelligence,” said Finicity CEO Steve Smith. “Capital One has proven to be an excellent partner in pursuing these common goals of empowering consumers to have more access to their financial data and better manage their financial health.”
Establishing a formalized API integration with the bank allows the broader FinTech and financial services community to more securely automate needed financial account data while delivering a variety of apps and services for financial management. The result is significant time savings, added stability and greater accuracy. Capital One customers will also have increased control over how and when their data is used. This secure access to data provides the ability to have an on-demand and accurate view of their finances.
“Technology is enabling us to bring waves of new financial tools into the marketplace,” said Becky Heironimus, Managing Vice President of Enterprise Digital Products and Data Connections at Capital One. “We know many of our customers actively use and rely on third-party services to help them manage and track their finances, and we appreciate the value these services provide. Our agreement with Finicity helps our mutual customers take full advantage of their platform. Through the API, our mutual customers can securely connect with thousands of leading fintech applications and enable access to accurate account information that gives them control and transparency over how and when they choose to share their Capital One financial data.”
The API used in this direct-access relationship leverages Open Authorization (oAuth) technology to eliminate the need for the user to share their banking credentials with third-party apps. Instead, it is replaced with secure, tokenized access providing direct authorization through Capital One.
Finicity has established relationships with a wide variety of service and application providers that allow individuals and organizations to manage financial processes and payment initiation. This includes providing data aggregation for several of the most popular PFM (personal financial management) tools available on the market today, generating Finicity verification reports for many of the largest lenders and supporting ACH verification for innovative payment providers, among other services. Once the API-based method of data sharing is in place – customer migrations are expected to start in Q1 of 2019 – Capital One customers can directly and securely connect with financial tools and services that use the Finicity financial data API.
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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, 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 learn more or test drive its API, visit www.finicity.com.
About Capital One:
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $248.2 billion in deposits and $364.0 billion in total assets as of June 30, 2018. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
Capital One launched its Customer Transactions API in 2017, providing its customers with the ability to more safely and securely share their transaction data with participating third-party organizations that they trust. As of August 2018, Capital One has executed contracts for its Customer Transactions API with Finicity, Abacus, Clarity Money, eMoney Advisors, Expensify, Intuit, and Xero.
Visit the Capital One newsroom for more Capital One news.
Finicity’s Verification of Assets solution is integrated into SimpleNexus’ Enterprise Digital Mortgage Platform and mobile app
SALT LAKE CITY, Utah – July 18, 2018 – Finicity, a leading provider of real-time financial data aggregation and insights, announced today it is working with SimpleNexus to automate borrower asset verification for lenders using the SimpleNexus Enterprise Digital Mortgage Platform. The agreement will make the process of applying for a mortgage more efficient and improve the mobile loan origination experience for SimpleNexus’ customers.
Finicity’s suite of credit decisioning solutions, including Verification of Assets (VoA), gives lenders access to the data insights they need to digitize their loan process, free up resources, reduce fraud and improve accuracy. Automating VoA reduces friction with borrowers and can reduce the verification process from days to minutes.
“As the leading financial data aggregator in the credit decisioning industry, we are always looking for ways to bring valuable insights to lenders and provide faster, simpler and more modern lending experiences to consumers,” said Steve Smith, Finicity CEO. “We’re excited to work with SimpleNexus to continue to drive innovation in the digital lending space.”
SimpleNexus provides a private-label digital mortgage platform and mobile app that connects mortgage lenders with borrowers and real estate agents, allowing all parties to easily exchange data and documents through the lifecycle of a mortgage loan. Through its smartphone app, loan officers are able to instantly view new loan applications, pull and view credit reports, run live-pricing scenarios, see real-time CRM feeds and send pre-approval letters.
“Finicity’s focus on digitizing the lending process and reducing user friction aligns perfectly with our mobile-first mindset,” said Matt Hansen, SimpleNexus CEO. “This integration agreement will create more efficiencies throughout the entire loan lifecycle for mortgage lenders, borrowers and real estate agents.”
Finicity and SimpleNexus are both part of the Silicon Slopes business community of Utah, coined in the vein of Silicon Valley due to the large number of tech startups and high level of innovation taking place in the region. Furthermore, this partnership has already seen success with Synergy One Lending.
“We’re thrilled to now have access to automated VoA reports for our borrowers,” said Torrey Larsen, Synergy One CEO. “This automated process will simplify the experience for our loan originators and borrowers while reducing time to close. Improvements to the digital mortgage process, like Finicity and SimpleNexus’ integration, are crucial to our pursuit of excellence in the client experience.”
Finicity is also 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.
To stay up to date on all Finicity company and product announcements, visit the website at 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 in mortgage lending, 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.
About SimpleNexus:
SimpleNexus, LLC is a digital mortgage solution provider, enabling lenders to originate and process loans from anywhere. The platform connects loan officers to their borrowers and realtors to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipeline, order credit, run pricing and send pre-approvals — all on the go. The app can easily be shared with borrowers and realtors, giving them the modern mortgage tools they want and need. Using state-of-the-art mobile technology, SimpleNexus is dedicated to providing its wide array of services to mortgage corporations and branches, as well as individual loan officers. Today, SimpleNexus serves more than 180 enterprise mortgage companies and more than 17,000 loan officers nationwide. To learn more, visit simplenexus.com.
Finicity’s asset verification solution to be integrated into Lender Price’s digital pricing platform
SALT LAKE CITY, Utah – July 12, 2018 – Finicity, a provider of real-time financial data aggregation and insights, announced today it has signed on to work with Cre8tech Labs, Inc., a provider of innovative technology products for the financial services industry, to streamline and speed up the verification process in mortgage lending. The initial focus is on the integration of Finicity’s Verification of Assets (VoA) solution into Cre8tech’s Lender Price Digital Lending™ platform to further digitize 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. Lender Price provides a digital application for the loan officer and borrower to collaborate to apply for a mortgage that is fully integrated with the Lender Price pricing and eligibility engine.
“Consumers understandably want the most accurate information when making a life-altering purchase like a new house. Lenders want to meet those expectations while improving efficiency and profitability,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to work with Lender Price, another disruptor that is enhancing the mortgage lending experience for borrowers and lenders with a smart, digital solution.”
“At Lender Price, we highly value speed and accuracy within the mortgage lending process, which directly correlates with Finicity’s mission,” said Lender Price president, Dawar Alimi. “Together, we’re equipping lenders with the innovative tools they need to streamline mortgage originations.”
The partnership has already seen success with a variety of customers, including Mountain West Financial, Inc.
“We’re excited to provide our borrowers with the exceptional customer experience of automated VoA reports,” said Cindy Douglas, Mountain West Financial implementation and onboarding specialist. “It makes our loan officers more efficient, providing them asset data faster and helping reduce the time to close. Improvements to our digital mortgage process are crucial to making homeownership a reality for our communities.”
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.
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 in mortgage lending, 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.
About Cre8tech Labs Inc DBA Lender Price:
Cre8tech Labs, Inc. was founded by Dawar Alimi, Ly Kou Nhiayi, and Ly Kao Nhiayi to create simple, open, flexible technology to enable our partners to grow. For more information, please visit LenderPrice’s website.
For so many people, money is a great source of stress. As a matter of fact, a whopping 71 percent of Americans worry about having enough to cover their expenses. And this is just one element of finances that occupy people’s time and energy.
For individuals and families, improving their financial wellness and achieving financial goals begins with access to their financial data. By connecting all their financial dots, they can gain insights that help them make smarter financial decisions.
This defines what we at Finicity do every day, which is ensuring superior access to financial data, providing the highest quality data possible, and surfacing intelligent insights for better decisions.
To that end, we’ve entered into a direct data-sharing agreement with USAA which will allow their members to more easily and more securely access and use their financial data in third party apps and services that utilize Finicity’s data aggregation capabilities. The agreement centers on an application programming interface (API) that provides rapid access to data through a secure tokenized process.
USAA members will have no additional steps in setting up account access in those apps and services they use. The direct API experience will simply redirect them to USAA, where they will provide consent for data access and confirm what data can be shared. This replaces any use of credentials except with the initial direct login to USAA. Additionally, a USAA dashboard will allow members to manage third-party app access whenever they choose.
Finicity is leading the financial data aggregator market by entering into these data-sharing agreements (see our announcements with Wells Fargo and JPMorgan Chase). It’s reflective of our commitment to work together with banks to provide the best data and the best experience for our shared customers.
This agreement will give USAA members greater control of their financial information, and provide a more seamless, secure and transparent exchange of data. Working together with USAA allows us to collaborate on a secure method for data sharing, while helping USAA fulfill its mission to help facilitate its members’ financial security.
The API integration is expected to roll out to USAA members throughout 2018 and 2019. Check out the statement about the relationship on USAA’s site.
We’re thrilled to be working with USAA on improving member experiences!
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.