Utah-based Finicity, a financial data aggregator specializing in credit decisioning, has announced an integration agreement with Ellie Mae, the cloud-based platform provider for the mortgage finance industry, to provide Finicity’s digital asset verification solution through Ellie Mae’s Encompass platform.
The integration will enable lenders using Ellie Mae’s all-in-one mortgage management solution to rapidly and accurately validate borrower assets with better, cleaner data, ultimately leading to a more streamlined process that reduces the time to close, Finicity said in a statement.
“Increased access to financial data is changing the way lenders look at underwriting and is playing a major role in moving lending to a fully digital experience,” said Steve Smith, CEO, and Co-founder of Finicity. “Working with a market leader like Ellie Mae to deliver on the promise of digitization is very exciting and will have a significant impact on the origination process.”
This announcement comes on the heels of several others for Finicity, including integrations with MortgageHippo and Black Knight, a partnership with Advanced Data and enrollment in Fannie Mae’s Single Source Validation pilot.
The mortgage origination process has increased in cost over the past several years, reaching almost $8,000, according to the MBA, doubling the cost since 2009. Additionally, consumers have increasing expectations for a fast and simplified experience. To address this, Finicity is leading the delivery of digital verifications that can help speed the process up to 11 days.
First to market is the Finicity VoA report, providing a streamlined digital experience that rapidly and accurately validates a borrower’s assets and will be accessed through Encompass.