Figuring Out The Digital Mortgage

There is much talk in the industry today about embracing a more digital mortgage process. But a lot of lenders are confused about how to do it. That’s where vendors come in. For example, Finicity, a provider of real-time financial data aggregation and insights, has integrated with BeSmartee, a digital mortgage marketplace provider, to further streamline and accelerate the digital loan origination process for lenders and borrowers. The agreement will integrate Finicity’s Verification of Assets (VoA) solution into BeSmartee’s next generation point-of-sale platform for mortgage originations.

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Finicity is committed to utilizing consumer-permissioned data in the credit decisioning space to increase accuracy and decisioning speed while reducing fraud. Through bank-validated data and data intelligence, Finicity provides solutions to lenders that assist them in digitizing and modernizing the lending process, reducing friction with borrowers while providing better, cleaner data that can shorten verification to minutes instead of days.

In BeSmartee’s platform, lenders can request an asset verification report with one click. Borrowers are prompted to complete a short online process to permission use of their financial account data, which is then used to generate a real-time verification report.

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“Finicity is improving the lending process through superior data access, quality and insights,” said Steve Smith, Finicity CEO. “We’re proud to be working alongside BeSmartee to accelerate the digital loan process, improving efficiency for lenders and transparency for borrowers.”

BeSmartee is a complete digital origination process, which gives borrowers greater control and guidance while providing lenders with a customizable platform to improve efficiency and the overall experience.

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“Integrating with Finicity is a key step in helping us continue to provide exceptional services to our clients in the form of speed, accuracy and reliability within our best-of-breed mortgage origination point of sale platform,” said Arvin Sahakian, BeSmartee co-founder. “We look forward to working with Finicity. They have great technology and, more importantly, great people behind that technology.”

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.

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