Verifications are one of the fastest-growing expenses in the mortgage origination process right now.
In response, FinLocker, which offers technology that readies consumers to become responsible mortgage borrowers, is offering to cover 100% of verification costs for consumers using lenders’ FinLocker-powered apps.
By eliminating verification costs at all stages of the mortgage journey—from pre-qualification and underwriting to final re-verification before closing—FinLocker is helping the industry save millions while improving the mortgage experience for both lenders and borrowers.
For lenders offering FinLocker, this means lower origination costs, faster loan decisioning with direct-sourced data, and reduced friction in the approval process.
For borrowers it means educed closing costs and a simpler, more transparent mortgage experience.
For loan officers, it means a competitive edge in a challenging market with a tangible cost-saving benefit to offer clients.
And for underwriters it means higher-quality, direct-sourced data that improves accuracy and reduces risks.
“After 28 years in mortgage technology, I’ve been committed to one goal: helping more Americans achieve homeownership,” says Henry Cason, CEO of FinLocker, in a release. “The current verification system creates unnecessary friction and passes significant costs to consumers. By covering these expenses, we’re creating a rising tide that lifts all boats—consumers get more affordable mortgages, lenders reduce expenses and close loans faster, and our industry takes another step toward truly digital mortgages. This is about fundamentally transforming how the mortgage ecosystem works together.”
“FinLocker’s no-cost verification is a game-changer for our business,” says Steve Majerus, CEO at Synergy One Lending. “Not only does it help us reduce origination costs and pass real savings to borrowers, but it also strengthens the value of our S1 FinFit platform. By embedding this technology, we’re making our homebuyer funnel even stickier—keeping borrowers engaged from financial preparation to closing. This is exactly the kind of innovation the mortgage industry needs right now.”