DataVerify, a provider of data verification, risk mitigation and data aggregation services, and Finicity, which offers an application program interface (API) for real-time financial data aggregation and insights, have integrated their technologies to provide digital, real-time asset verification to the mortgage lending industry.
Earlier this year, Finicity launched a set of asset and income verification products that bring the benefits of big data into the digitization of the loan origination market, including an asset verification solution that employs borrower financial account data to generate a real-time view of a borrower’s assets.
As a data aggregator, Finicity is the only asset verification provider that is also a Consumer Reporting Agency (CRA) that directly collects, manages and secures data from financial institutions for an asset verification report, the company says in a press release.
DataVerify offers a single-source platform for data verification and aggregation, fraud prevention and compliance assistance that is used by top lenders and government agencies.
With this new integration, Finicity’s asset verification solution will be directly integrated into DataVerify’s DRIVE platform, a solution that automates the underwriting process to help lenders avoid loan quality issues.
DataVerify operates at the junction of data verification and fraud prevention, quickly identifying the legitimacy of borrowers by comparing data across a variety of databases to identify risks of fraud, misrepresentation and data integrity.
Lenders will now be able to access Finicity asset verification reports through the DataVerify system as part of their loan review process.