Fintech company Finicity was founded on the idea that when borrowers have access to their personal financial data, they are empowered to make the best financial decisions. Finicity puts the borrower at the center of its product development and design, understanding that access to data can positively impact one’s financial health.

“We are setting the data standard for the mortgage industry,” said Steve Smith, Finicity CEO and co-founder. “We believe in high quality data and full access to that data.”

Finicity is creating the standard for the verification process, a workflow that is traditionally slow and burdened with paperwork. The company saw an opportunity to digitize verifications and now provides verification solutions to some of the largest lenders in the industry. 

Digitizing asset verification alone can save up to 6 days in the origination process, which dramatically transforms a lender’s workflow and improves the bottom line. Digital verifications eliminate the traditional pain points of chasing down documents, going back and forth with borrowers and underwriters, and trying to make sense of numbers strewn across multiple documents.

Finicity’s digital verifications provide a win-win solution for both lenders and borrowers. Lenders save time and money and have the most accurate data available to make the best decisions, while borrowers — who expect clear and simple processes — no longer have to suffer through the traditional paper chase. GSEs provide programs for reps and warrant relief based on digital solutions, meaning significantly reduced risk for lenders.

“As a financial data company, we believe data is at the heart of good decision making. This is especially important when it comes to decisioning in mortgage lending,” Smith said. “We wanted to give mortgage lenders, loan officers and other players in the credit decisioning space everything they needed to make the best decisions, simply and rapidly.”

Finicity’s key differentiators include:

● Broad access: Finicity owns, maintains and supports all of its connections in-house and has developed over 15,000 integrations. This enables the company to deliver exceptional service and support — since there is no third-party aggregator providing it with the connection — and it fuels the ability to innovate on data-driven solutions.

● Data quality: 95% of Finicity’s data is formatted, ensuring exceptional accuracy. Finicity certifies connected institutions for credit decisioning based on delivery of the core data elements required for verifications. This provides the best data for all applications and experiences and across use cases, which results in the best verification reports.

● Data intelligence: This is central to the company’s verification products. The consumer permissions their data and then Finicity’s access and analytics platform seamlessly categorizes, organizes and cleanses the data so that it’s simple to understand and simple to use.

“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” Smith said. “For us it’s more than endpoints and data, it’s about a better experience for both loan officers and consumers, and a stronger bottom line for lenders.”

PRODUCT: Digital Verifications

SNAPSHOT: Finicity delivers fast and accurate digital verification of assets and income using consumer-permissioned data. Enhanced data accuracy. Improved borrower experience. Reduced repurchase risk. From start to finish, this process can take as little as a few minutes. Simple for borrowers, streamlined for lenders.