Finicity, a provider of real-time financial data access and insights, announced today the release of its new AssetReady Report that will rapidly identify a borrower’s assets using consumer-permissioned data during a lender’s pre-qualification process. As a result, lenders will more easily qualify borrowers and generate a higher quality sales funnel for loan officers while enabling a seamless transition into other necessary asset, income, and employment verifications needed in the loan origination process.
Lenders have the option to receive balances and other data without having to ask for or include consumer SSN or date of birth. Fast, high-value data with less friction on lower probability applicants can provide lenders with better insights on how to strategically move borrowers forward in the application process without asking for detailed verification reports.
Once leads have been qualified, borrowers can seamlessly permission their data for Finicity’s other digital verification solutions like assets, income, and employment required for the origination process. This single-source solution model for verification optimizes lender workflows to maximize ROI.
“Now lenders can receive more data earlier in the application process than ever before,” said Steve Smith, Finicity CEO. “This report will provide the opportunity for even more customization and better experiences for borrowers from their first interaction to close.”
“Getting a verified snapshot of borrower assets during the pre-qualification stage is key to speeding up our business processes,” Bill Cosgrove, President & CEO of Union Home Mortgage, said. “Once a borrower has engaged with our digital pre-qualification solution the stage is set for a seamless transition into Finicity’s full suite of asset, income and employment verification tools. A single-source solution provider is a great fit for our business model.”
The pre-qualification report includes current account balances and average balances over the previous two and six months, as well as the number of negative balances in the past six months and the most recent negative balance. The report also provides account owner and other account details.
Finicity is working with leading mortgage ecosystem platform providers to simplify lender access to the digital tools they need to improve the origination experience.