Finicity Now Integrated with Ellie Mae

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Finicity’s automated asset verification service is now integrated with Ellie Mae’s Encompass loan origination system (LOS).

That means lenders using Ellie Mae’s LOS have a fast path to using Finicity’s digital Verification of Assets (VoA) solution, which, in turn, helps them deploy a fully digital mortgage process and shorten closing times.

“Increased access to financial data is changing the way lenders look at underwriting and is playing a major role in moving lending to a fully digital experience,” says 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.”

Finicty claims that with its asset verification service, lenders can shorten the average closing time by about 11 days. What’s more, the efficiencies gained through automated asset verification and automated underwriting help hold down the cost to originate a loan. According to recent data from the Mortgage Bankers Association, it now costs a mortgage lender almost $8,000, on average, to originate a purchase loan – nearly double what it cost in 2009.

Also, lenders that deploy an all-digital mortgage process are finding that it leads to an improved borrower experience and increased customer satisfaction.

Finicity is an authorized asset report provider as part of Fannie Mae’s Day 1 Certainty initiative. It is also part of the Single Source Validation (SSV) pilot, meaning Fannie Mae will utilize transaction data from Finicity reports to validate assets, income and employment. A broader rollout of SSV is planned later this year and will build on Fannie Mae’s Day 1 Certainty initiative.

Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are partnering on new methods to validate income from payroll deposit data from bank statements.

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