Pulte Mortgage, the mortgage lending arm of homebuilder PulteGroup, is partnering with 2019 HW Tech100 winner Finicity to further digitize its lending process.
Pulte Mortgage and Finicity announced this week that the homebuilder will begin using Finicity’s digital income verification platform, which will allow the lender to reduce its processing time for mortgages.
“Through Finicity’s verification platform, up to 24 months of bank, brokerage and 401k data can now be accessed to confirm assets within minutes—eliminating the need for borrowers to find, copy and scan reams of paper verifications,” the companies said in a release. “This can reduce the mortgage origination time by more than a week, giving borrowers more control of the process, without a lot of the hassle.”
The addition of digital income verification is Pulte Mortgage’s latest move towards a fully digital mortgage process. According to Pulte, its mortgage applicants are able to upload documents from their mobile device; e-sign regulatory disclosures; and use a personalized digital dashboard to current their loan’s progress.
“The mortgage lending industry has changed dramatically over the decades, but never more so than over the past 10 years,” said Debra Still, president and CEO of Pulte Mortgage.
“The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages,” Still added. “The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”
The move towards digital mortgages has been made necessary because of how much of people’s live are conducted online, on their phones, and at the push of a button, Finicity CEO Steve Smith noted.
“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” Smith said. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”