Vellum Mortgage [1] recently announced, through their partnership with Finicity and Freddie Mac, the October 1 implementation of Finicity’s new Verification of Income and Employment (VOIE) solution.
Finicity’s VOIE solution instantly validates the income used for loan qualification by extracting the borrower's income data from the pay statement and cross-verifying it with income transactions reported by their financial institution. According to Vellum Mortgage, this automates a mostly manual process for lenders while also reducing the borrower “hassle factor”.
“Fincity’s VOIE program is a great leap forward in the digital verification of income and employment,” said Patrick Gardner, Principal Vellum Mortgage. “Not only is the borrower experience faster and simpler, it improves processing and underwriting times as well. Partnering with Finicity has been critical in Vellum’s goals of implementing technology that delivers results for our customers.”
“Our VOIE is expected to become the new gold standard of income and employment verification,” said Steve Smith, Finicity CEO. “We know it will be met with fast adoption by key industry players who aim to be on the cutting edge of lending technology. With VOIE building upon our current Verification of Assets solution, lenders will now be able to use Finicity as a one-stop-shop for digital verification.”
“Marrying Finicity’s VOIE solution with Vellum’s uniquely streamlined mortgage experience ElevateSM, fully stacks our arsenal of technology,” said Nathan Den Herder, CTO Vellum Mortgage. “ElevateSM and LaunchpadSM, our digital custom support solution for originators, positions Vellum as a true technology-first company.”
“Freddie Mac has done an exceptional job of streamlining the mortgage process and creating a better experience for borrowers and lenders through its AIM program,” said Steve Smith, CEO and Co-founder of Finicity. “Our relationship and their continued push for innovation has been key to our delivery of a verification of income and employment solution that promises to significantly improve coverage for automated assessments in the mortgage market.”