FinLocker simplifies the mortgage application process for lenders by providing one platform to prepare consumers for homeownership and verify their assets, employment, and income for a mortgage
FinLocker, a financial fitness platform built on open-banking innovation, has branded its verification services platform FinVerify, to provide lenders with one of the most comprehensive coverages of financial institutions and payroll providers in the industry. The move allows mortgage lenders to leverage the most up-to-date employer payroll data from our strategic partner, Argyle, who provides instant employment and income data from 450 payroll and gig economy platforms to cover over 210 million US consumers. Additionally, our partnership with Fiserv enables lenders to view mortgage applicants’ assets from approximately 18,000 financial institutions to deliver a frictionless mortgage application experience for borrowers.
The FinVerify platform has been built on a digital native microservices architecture. It offers lenders a robust platform to order asset and payroll verification data and reports to accelerate their lending processes. Lenders can private-label the product to reflect their brand guidelines, calls-to-action, consent language, and data refresh periods that match their loan processing cycle times.
FinLocker also provides configurable refresh periods for lenders to choose data history from 1 day to 24 months (where supported by the financial institutions). Additionally, lenders can request a consent period of 30, 60, 90, or 180 days, making it easier to reconfirm a borrower’s assets, employment, and income quickly and efficiently to reduce closing delays. The two-way configurability helps lenders leverage FinLocker asset data for emerging use cases, such as analyzing on-time utility and rental payments in their risk analytics.
“Lenders need reliable solutions that lower origination costs, improve data quality, and reduce loan processing cycle time,” said Chris Hazen, senior vice president of customer success with FinLocker. “Our technology architecture and platform design allow us to offer verification services at a better value point for lenders than most other solutions in the market. With FinVerify, lenders can digitally order and collect asset and payroll data and reports, creating a better consumer experience while gaining cost and time efficiencies in loan processing.”
FinLocker designed a simple, intuitive consumer-facing workflow for FinVerify to deliver a secure digital experience allowing borrowers to self-select, aggregate and organize their financial data from approximately 18,000 financial institutions and 450 payroll platform providers and gig economy platforms and submit them to their lender for loan processing.
“Consumers expect digital solutions that are seamless, secure, and straightforward when they are taking all the necessary steps to buy a home,” said Andria Thomas, senior vice president of product with FinLocker. “FinVerify makes collecting their asset and payroll data easier for the consumer and puts them in control of what financial data they share with their lender.”
The addition of FinVerify verification services to the FinLocker suite of products provides lenders with the unique opportunity to couple FinLocker’s financial fitness app that prepares prospective homebuyers for a mortgage and homeownership, with Fannie Mae’s Desktop Underwriter® (DU®) validation service to make informed lending decisions more efficiently. Borrowers can send their direct-source financial data straight to lenders in an underwriting-friendly format that reduces delays, manual errors, and fraud risk.
“Efficiently reaching and nurturing prospective homebuyers and reducing time-to-close and production costs is a priority for every mortgage lender. FinLocker can now serve lenders throughout the entire lifecycle of their customer relationships,” said Brian Vieaux, president and chief operating officer of FinLocker. “Mortgage lenders can use the FinLocker financial fitness app to attract prospective homebuyers to their business and assist them in preparing for homeownership. Mortgage-ready borrowers are empowered to use consumer-permissioned consent to share their financial documents and data through their FinLocker app with their loan officer to get pre-qualified before starting their home search and mortgage application. Now they use FinVerify to quickly verify their assets, employment, and income within the FinLocker environment. Additionally, FinLocker can help lenders sustain perpetual engagement while their borrowers use their branded app to sustain homeownership, enabling lenders to stay meaningfully connected to meet their future home financing needs, creating a true customer-for-life relationship.”