A new partnership will enhance Ellie Mae’s digital mortgage solution Encompass by speeding up verification.
The mortgage software firm has announced the integration of the Finicity Verification of Assets report which can cut the process to minutes rather than days by digitally verifying the assets of borrowers.
“We will continue to embrace technology partners like Finicity to change the way lenders and consumers engage in the loan manufacturing process,” said Parvesh Sahi, senior vice president of business development for Ellie Mae.
Lenders will be able to request a verification with one click, and borrowers will be asked to complete information online to allow the process of bank-validated data to proceed.
Ellie Mae says that this will address the demands of consumers for a faster mortgage application process, while helping to ease the cost of the origination process which has doubled since 2009 according to the Mortgage Bankers Association.
“Increased access to financial data is changing the way lenders look at underwriting and playing a major role in moving lending to a fully-digital experience,” said Steve Smith, CEO and co-founder of Finicity. “Working with a market-leader like Ellie Mae to deliver on the promise of digitization is very exciting and will have significant impact on the origination process.”
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