Finicity, a leading provider of real-time financial data aggregation and insights, announced today that its Verification of Assets (VoA) solution will be incorporated in the LoanSphere Exchange Digital platform, Black Knight’s new secure online gateway for lenders and third-party-provider systems to exchange data and documents with each other, facilitating commerce via Application Program Interfaces (API).
The VoA offering is part of Finicity’s credit decisioning solution, which allows lenders to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paperless, hassle-free experience that utilizes transaction data that borrowers give lenders permission to access. Utilizing the LoanSphere Exchange Digital platform, lenders and servicers will be able to readily access Finicity’s VoA report, which will provide bank-validated insights into borrower assets and valuable information, such as underwriting factors, that could affect credit decisioning.
“This latest integration with Black Knight shows our continued momentum in the credit decisioning space,” said Steve Smith, CEO and co-founder of Finicity. “We’re proud to provide lenders and servicers who rely on Black Knight’s LOS access to Finicity’s verification solutions so they can successfully manage the entire loan life cycle.”
LoanSphere Exchange Digital provides a simpler and more streamlined way for lenders to develop and implement their digital strategies, enabling them to bring together their existing and new applications in a more flexible way to offer consumers a complete omni-channel lending experience.
“Finicity’s solution aligns well with Black Knight’s mission to more easily automate the homeownership lifecycle through the advancement of digital capabilities,” said Tom Peterson, president, Black Knight Lending Solutions. “Adding VoA to Exchange Digital’s online platform helps to expedite real estate transactions by further facilitating the flow of data and documents between all participants.”
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. As part of the Single Source Validation (SSV) pilot, Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned for 2018 and will build on Fannie Mae’s Day 1 Certainty initiative.