Finicity, a provider of real-time financial data aggregation and insights, is working with mortgage banker Princeton Mortgage to automate borrower asset verification for lenders. The agreement will provide Princeton Mortgage loan officers and borrowers with a faster, simpler loan origination experience that reduces both paper chase and headache.
Princeton Mortgage’s digital mortgage platform, SnapApp, will leverage Finicity’s Verification of Assets (VoA) solution to give lenders access to the data insights they need to streamline the loan application process, reduce mortgage fraud, free up resources and shorten time to close. Automation cuts the verification process from days to minutes as borrowers no longer need to search for bank statements, and lenders have more time to focus on high-value activities, such as approving more loans.
“We’re thrilled to work with Princeton Mortgage and provide its customers with an innovative, paper-free and hassle-free experience,” said Steve Smith, Finicity CEO. “As the leading financial data aggregator in the mortgage lending industry, we are always looking for partners who share our goal of transforming outdated loan origination processes into seamless digital experiences.”
Princeton Mortgage created The Effortless Mortgage to perfect the user experience in loan origination. The solution includes platforms for integrating, managing and securing data to reduce stress and complications in the process for both brokers and borrowers. This is always backed by the Princeton Promise, if clients feel that their loan process was not effortless, they can request up to $1,000 credit back at closing. The Princeton Mortgage SnapApp is a key component to this process as it allows customers to get pre-approved in minutes from their phone, tablet or desktop.
“Borrowers want an effortless mortgage experience, and with our new SnapApp they get just that. Through SnapApp’s automated digital mortgage process, borrowers can apply, verify their income and assets, pull their credit, run an automated approval and even receive a pre-approval letter in the middle of the night, at their convenience,” said Nicole Gordon, Princeton Mortgage Sales Enablement Manager. “We are excited to partner with Finicity to help make this digital mortgage process seamless and simple.”
Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter (DU), giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty initiative, and the company is part of Fannie’s Single Source Validation (SSV) pilot. Finicity is also a Freddie Mac automated asset and income validation third-party service provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.
About The Author
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 firstname.lastname@example.org.