Finicity MVS reduces the burden of manual methods of documentation to help shave 8–12 days off the origination process for rapid loan closing while also increasing accuracy, improving profitability, and creating a better experience for both lenders and borrowers. Finicity’s open banking platform leverages high-value data available from financial institutions and payroll processors to provide accurate, real-time insights into a borrower’s current assets, income and employment. The solution offers flexible flows for different mortgage lending use cases — from refinancing to new purchases, qualified to non-qualified mortgages.
- In a survey of over 1,000 respondents, 83% using digital verification said their loan processing time was shorter than expected or met their expectations.
- Fannie Mae acknowledged that digital verification of assets can reduce the loan underwriting timeframe by 6 days and that digital income verifications can reduce the loan underwriting by up to 8 days.