Digital Baby Steps

People think embracing the digital mortgage means switching core systems and changing core processes, but that’s not always the case. For example, Finicity, a provider of real-time financial data aggregation and insights, and DataVerify, a provider of data verification, risk mitigation and data aggregation services, launched an integration to provide digital, real-time asset verification to the mortgage lending industry.

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Finicity’s Verification of Assets (VoA) solution will be directly integrated into DataVerify’s DRIVE platform, which automates the underwriting process to help lenders avoid loan quality issues. DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud. Lenders will now be able to access Finicity VoA reports through their DataVerify system as part of their loan review process.

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“DataVerify is a well-known and respected name in data verification, data aggregation and fraud prevention for loan originations, and we’re thrilled to bolster its solution with our VoA product,” said Steve Smith, CEO at Finicity. “The lending and credit decisioning space is moving towards automated, digital solutions built on open APIs and using buyer-permissioned data. Asset verification is just the beginning.”

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Earlier this year, Finicity launched its asset and income verification solutions, bringing the benefits of big data into the digitization of the loan origination market. Among its new products, the VoA solution employs borrower-permissioned financial account data to generate a real-time view of a borrower’s assets. As a data aggregator, Finicity is an asset verification provider and also a Consumer Reporting Agency (CRA) that directly collects, manages and secures the data from financial institutions for an asset verification report. In turn, DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance for clients, including top lenders and government agencies.

Brad Bogel, ?senior vice president at DataVerify, said, “In today’s digital age, consumers expect to get things fast. With real-time asset verification from Finicity, lenders that use our DRIVE platform will be able to get quick insight into a borrower’s financial information and thus make more efficient and smarter lending decisions. The data can be accessed and verified in a matter of clicks, shortening the loan approval process for a greater overall consumer experience.”

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.