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.