Utah-based Finicity, a provider of real-time financial data access and insights, and Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced that Finicity’s digital Verification of Assets (VoA) solution is now available through Ellie Mae’s Encompass Digital Lending Platform.
Modern consumers expect an increasingly seamless, fast, and accurate application process. This has been made possible by digital solutions such as Finicity’s Verification of Assets which can shorten the application process by as many as six days. Now lenders can access this solution through Encompass for faster and more precise insights that reduce friction for customers.
“We believe that consumer expectations are driving the mortgage lending experience to one that is as simple and seamless as they’re having in other parts of their life, like e-commerce, ride-sharing, and more,” said Steve Smith, CEO and Co-Founder of Finicity. “We’re excited to partner with an organization like Ellie Mae, that shares this vision and is pushing innovation in the mortgage space.”
Drawn-out closing times and piles of paperwork detract from the excitement of buying a first home. Integrating the Finicity solution into Ellie Mae’s Encompass platform streamlines the origination process for lenders enabling them to eliminate once-manual tasks and devote more time to customer service and business development. With over 230,000 users and thousands of providers, Ellie Mae’s partner network processes approximately one-third of all the residential loans originated in the United States. As part of the partner network, Finicity will provide Ellie Mae customers with fast, frictionless asset verification.
“With the integration of Finicity’s digital Verification of Assets through our Encompass Digital Lending Platform, we are further enabling loan officers, processors and other key lender participants to reduce cycle-times and offer a more complete digital mortgage experience for their customers,” said Parvesh Sahi, SVP of Business Development for Ellie Mae.
The integration enables lenders to request a digital asset verification report. Once a request has been made, borrowers are asked to complete a simple online process to permission financial data they want included in the report. Lenders can then review the bank-validated report in near real-time, shortening the verification process from days to minutes.
“Since implementing this integration, our closing times have been significantly reduced,” said Torrey Larsen, Synergy One CEO. “Our loan officers are spending less time trying to verify assets and more time focusing on what really matters — our customers’ futures.”
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 an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are partnering on new methods to validate income using payroll deposit data from bank statements.