Industry-first initiative set to transform the mortgage experience by removing one of the fastest-growing expenses in the loan origination process
FinLocker, a leading financial fitness and homeownership platform, today announced it will cover 100% of verification costs for consumers using lenders’ FinLocker-powered apps. According to the Scotsman Guide, verification of income, employment, and assets typically costs around $280 per mortgage application, making it one of the most rapidly increasing expenses in the lending process.
This groundbreaking initiative will eliminate verification costs at all stages of the mortgage journey—from pre-qualification and underwriting to final re-verification before closing—potentially saving the industry millions while improving the experience for both lenders and borrowers.
“After 28 years in mortgage technology, I’ve been committed to one goal: helping more Americans achieve homeownership,” said Henry Cason, CEO of FinLocker. “The current verification system creates unnecessary friction and passes significant costs to consumers. By covering these expenses, we’re creating a rising tide that lifts all boats—consumers get more affordable mortgages, lenders reduce expenses and close loans faster, and our industry takes another step toward truly digital mortgages. This is about fundamentally transforming how the mortgage ecosystem works together.”
The initiative addresses pain points for all parties in the mortgage process:
- For lenders: Lower origination costs, faster loan decisioning with direct-sourced data, and reduced friction in the approval process
- For borrowers: Reduced closing costs and a simpler, more transparent mortgage experience
- For loan officers: A competitive edge in a challenging market with a tangible cost-saving benefit to offer clients
- For underwriters: Higher-quality, direct-sourced data that improves accuracy and reduces risks
The technology behind FinLocker’s approach enables borrowers to securely connect to their financial accounts at over 18,000 institutions and share verified income and employment records directly with lenders. This direct-source verification provides coverage for 85% of the U.S. workforce, including gig workers who are often underserved by traditional verification methods.
“FinLocker’s no-cost verification is a game-changer for our business,” said Steve Majerus, CEO at Synergy One Lending. “Not only does it help us reduce origination costs and pass real savings to borrowers, but it also strengthens the value of our S1 FinFit platform. By embedding this technology, we’re making our homebuyer funnel even stickier—keeping borrowers engaged from financial preparation to closing. This is exactly the kind of innovation the mortgage industry needs right now.”
Edge Home Finance, one of the fastest growing mortgage brokers, launched its Edge Loan Advisor platform in January 2025, and the results have been overwhelmingly positive. Over 125 Edge Loan Officers have adopted the platform, collectively adding 450 Realtors and onboarding more than 850 consumers in just the first few months.
“The partnership between Edge Home Finance and FinLocker has been a tremendous success for our loan officers and the consumers they serve,” said Tom Ahles, Chief Growth Officer at Edge Home Finance. “Edge Loan Advisor provides our LOs with a best-in-class consumer fintech experience that rivals any big brand in the market. The early adoption numbers prove that both loan officers and homebuyers see the value in a modern, data-driven mortgage readiness journey. By equipping loan officers with technology that helps borrowers understand their financial position, improve mortgage readiness, and take actionable steps toward homeownership, we’re strengthening relationships and building long-term trust with consumers. We’re especially excited about the new features on the roadmap, including enhanced capabilities to boost first-time homebuyers’ mortgage readiness confidence by leveraging direct-source, permissioned data like assets and income. These innovations will continue to set Edge apart as a leader in the independent mortgage space and reinforce our commitment to helping consumers navigate the homeownership process with clarity and confidence.”
This announcement is the first step in FinLocker’s broader mission to make homeownership more accessible by removing unnecessary friction and costs from the mortgage process. The company has indicated that future initiatives will target other high-cost areas, including title expenses.
For more information about FinLocker’s financial fitness and homeownership platform, mortgage lenders and originators should contact Adrian Hernandez at adrian.hernandez@finlocker.com.
About FinLocker
FinLocker is a financial fitness and homeownership platform that helps consumers prepare for homeownership while enabling lenders to provide a streamlined, cost-effective mortgage experience. FinLocker’s white-labeled solutions empower lenders to guide consumers through the homebuying journey with personalized financial education, secure data aggregation, and automated verification processes. Founded by mortgage industry veterans, FinLocker is committed to making homeownership more accessible for all Americans.