Move should cut up to 6 days from closing timeline
Mortgage solution provider Mortgage Cadence is integrating Finicity’s Verification of Assets into its loan origination platforms.
It should mean that lenders can shave up to 6 days of the traditional closing timeline through further streamlining of the process; borrowers give consent to the use of their financial account data and a verification report is automatically generated.
“Our agreement with Finicity simplifies yet another important step in the mortgage process for both borrowers and lenders, getting everyone involved in the transaction to the closing table more quickly and with fewer steps,” said Brian Benson, executive manager of Services Center at Mortgage Cadence.
Finicity is an authorized integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter®, and is also part of Fannie Mae’s single source validation (SSV) pilot, so Fannie Mae can use transaction data from Finicity reports to validate assets, income and employment.
“Our goal as a financial data aggregator is to find best-in-class partners who are also committed to data access, quality and insights, and ultimately a better experience for borrowers,” said Steve Smith, Finicity CEO. “We’re excited to work with Mortgage Cadence to accelerate and improve the digital loan process.”
