Mortgage banker aims to cut loan officers’ pain points
A new partnership has been announced between Princeton Mortgage and Finicity to enable the lender to automate borrower asset verification.
Finicity’s VOA solution will be leveraged by Princeton’s new digital mortgage platform SnapApp, to streamline the verification process, cutting the paper chase and time spent by loan officers and borrowers.
“Borrowers want an effortless mortgage experience, and with our new SnapApp they get just that. Through SnapApp’s automated digital mortgage process, borrowers can apply, verify their income and assets, pull their credit, run an automated approval and even receive a pre-approval letter in the middle of the night, at their convenience,” said Nicole Gordon, Princeton Mortgage Sales Enablement Manager. “We are excited to partner with Finicity to help make this digital mortgage process seamless and simple.”
Automation cuts the verification process from days to minutes as borrowers no longer need to search for bank statements, and lenders have more time to focus on high-value activities, such as approving more loans.
Finicity is also a Freddie Mac automated asset and income validation third-party service provider, and is working with the corporation on new methods to validate income from payroll deposit data from bank statements.