FinLocker simplifies the mortgage application process for lenders by providing one platform to prepare consumers for homeownership and verify the assets, employment, and income for their mortgage application through Encompass®
FinLocker, a pioneer in digital, consumer-permissioned personal financial fitness tools focused on homeownership, has relaunched their borrower verification services leveraging the latest Encompass Partner Connect™ API Platform and now available through ICE Mortgage Technology® part of Intercontinental Exchange, Inc. (NYSE: ICE), a global data, technology and market infrastructure company that designs, builds and operates digital networks to connect people to opportunity. This integration allows mortgage lenders to leverage improved reliability and flexibility in accessing FinLocker’s verification services through the Encompass® for seamless mortgage loan transaction processing.
FinLocker now offers the most up-to-date employer payroll data to verify income and employment in addition to verification of mortgage applicant’s assets via Encompass. In addition to this integration, the consumer-facing user experience and the lender’s user interface on the FinLocker Admin Portal have also been upgraded to make the flow intuitive and simple.
Our Encompass Partner Connect integration allows mortgage lenders to order, manage and review verification of asset (VOA) and verification of income and employment (VOIE) reports with a single provider selection in Encompass.
FinLocker also provides configurable ‘refresh’ periods for lenders to choose data history from anywhere between 1 day to 24 months (where supported by the Financial Institutions). In addition, lenders can request a consent period of 30, 60, 90, or 180 days to best reflect their pipeline processing times. This two-way configurability makes it easy for lenders to (i) reconfirm a borrower’s assets, employment, and income quickly and easily before closing and (ii) leverage FinLocker asset data for emerging use-cases like analyzing on-time utility and rental payments in their risk analytics.
The addition of the FinLocker verification suite of products provides lenders with the unique opportunity 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 closing 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. With our standalone verifications services, FinLocker can now serve lenders throughout the entire lifecycle of their customer relationships,” said Brian Vieaux, FinLocker president and chief operating officer. “FinLocker now supports a lender before, during, and after a mortgage transaction. FinLocker is already a market leader in the up-the-funnel and servicing retention use cases. With the relaunch of our verification services through our upgraded integration into Encompass, which shares our commitment to driving efficiency for our customers, lenders can seamlessly access FinLocker services through their Encompass instance, further streamlining their loan origination business process. Further, lenders can optionally offer their borrowers a lender-branded full version of FinLocker once a mortgage transaction is complete and sustain a perpetual engagement with the consumer for their future homeownership financing needs.”
Watch online demos of FinVerify from the loan processor and homebuyer perspectives >
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FinLocker provides a secure financial fitness app that aggregates and analyzes a consumer’s financial data to offer hyper-personalized journeys to build and monitor their credit, manage their financial accounts, interact with a home affordability calculator, create goals, budgets and save to achieve loan eligibility for a mortgage and other financial goals. Consumers using a FinLocker app can follow their progress towards mortgage readiness before pre-qualification with FinLocker’s Homeownership Snapshot, begin their property search, and store personal and financial documents, which can be securely shared with their loan officer directly from the app to start their loan application. Mortgage lenders and financial service providers can white-label FinLocker to attract, assist and convert leads, gain market share, reduce loan processing costs, reduce friction, and create customers for life. For more information, visit FinLocker on the Marketplace by ICE Mortgage Technology(R) or FinLocker.com.
About ICE Mortgage Technology
ICE Mortgage Technology® is part of ICE (NYSE: ICE), a global data, technology and market infrastructure company that designs, builds and operates digital networks to connect people to opportunity. Backed by ICE’s global resources, we offer a truly differentiated digital platform that provides straight-through processing for a more comprehensive end-to-end workflow than any other provider in the market. We reach almost every mortgage in the U.S. by combining the native automation of Encompass® with the e-collaboration and e-recording capabilities of Simplifile®, along with the national electronic registry for nearly 90% of the U.S. mortgage market in MERS®. Ultimately, our technology enables people across the industry to focus on personal connections when they need it most, and support borrowers for a better journey of homeownership. Visit icemortgagetechnology.com to learn more. ICE Mortgage Technology combines technology, data and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including the New York Stock Exchange, and clearing houses that help people invest, raise capital and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process, from consumer engagement through loan registration. Together, we transform, streamline and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on February 25, 2023.