Frequently Asked Questions by Businesses
- What if the Applicant/Consumer does not have online banking credentials?
- How many financial sources can be reached by FinLocker?
- How much does FinLocker cost?
- What can consumers place in their FinLocker?
- What about Security? How does FinLocker safeguard information?
- Who controls what data is shared?
- Does FinLocker support business banking accounts?
- Can FinLocker be used in other countries?
- How do you integrate with FinLocker?
- How often is transaction data pulled?
1. What if the Applicant/Consumer does not have online banking credentials?
The Applicant/Consumer is required to have online banking credentials for FinLocker to perform the account setup or verify their banking information as part of our Fannie Mae Day1 Certainty asset verification service. FinLocker requires the Applicant/Consumer to have online account credentials for any accounts that they wish to enroll in their financial locker or provide the lender electronically. If they do not have online banking access or online account access for the financial information they wish to release, we recommend the Applicant/Consumer sign up for access of each account so they can take advantage of the automated process
2. How many financial sources can be reached by FinLocker?
FinLocker currently has access to over 18,000 data sources, and is rapidly expanding access to additional sources. If an Applicant’s/Consumer’s bank or financial institution is not currently available on our network, they can contact us directly, and we will begin the process of requesting authorization from the financial institution.
3. How much does FinLocker cost?
Please contact us to discuss pricing details for FinLocker.
4. What can consumers place in their FinLocker?
Consumers are in complete control of FinLocker providing consent on what information to share with lenders, landlords, student loan providers, mortgage companies, auto dealers, etc. FinLocker can be used to store information such as insurance policies, pictures of valuables, appraisal information, tax returns, tax documents for filing in the future, paystubs, auto title, trusts, etc.
5. What about Security? How does FinLocker safeguard information?
- FinLocker deploys multiple layers of security to protect both Consumer and Customer data
- FinLocker is SOC 2 Type 2 compliant
- Multiple independent audits from partners and customers
- All personal identifiable information (PII) is encrypted in transit and at rest.
- Consumer financial account credentials are not stored inside of FinLocker
6. Who controls what data is shared?
The consumer is in complete control over what data is shared with a Lender both during and after the loan application process. The consumer decides which accounts to share and how long to share them (for example, length of the loan origination period).
7. Does FinLocker support business banking accounts?
Yes, FinLocker supports both consumer and business banking accounts.
8. Can FinLocker be used in other countries?
Not at this time. FinLocker currently is focused on increasing access to United States financial institutions. International expansion is a future goal for FinLocker.
9. How do you integrate with FinLocker?
FinLocker has API’s (Application programming interfaces) which is a fast and secure way to integrate. Please contact us to obtain our API specifications. From there, we have a professional implementation team that will kickoff training and ongoing support.
10. How often is transaction data pulled?
FinLocker pulls transaction data every day.