Mortgage Cadence to integrate Finicity's asset verification solution with its loan origination software platform
DENVER and SALT LAKE CITY; May 31, 2018 – Mortgage Cadence, an Accenture (ACN) company, has signed an agreement to integrate Finicity’s Verification of Assets solution with its loan origination platforms, enabling clients to streamline and accelerate the loan process by generating a verification report with a single click, shaving up to six days off the traditional closing timeline.
The integration of the Finicity solution with Mortgage Cadence’s loan origination software platform is designed to further streamline and enhance the borrower experience. Borrowers consent to the use of their financial account data through a short online process, which then rapidly generates a verification report.
“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.”
A leading provider of real-time financial data aggregation and insights, Finicity offers solutions that help lenders digitize and modernize the lending process, reducing friction for borrowers while providing better, cleaner data that reduces verification time to minutes instead of days. Upon consumer-permissioned account identification, reports can be generated in as little as 30 seconds.
“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®, giving lenders a validated asset report through Fannie Mae’s Day 1 Certainty™ initiative. Because Finicity is also part of Fannie Mae’s single source validation (SSV) pilot, Fannie Mae can use 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 the two organizations are working together on new methods to validate income from payroll deposit data from bank statements.
About Mortgage Cadence:
Since 1999, Mortgage Cadence, champions of the lending process, have been providing the best people, process and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing, Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. For more information about Mortgage Cadence’s products and services, visit www.mortgagecadence.com.
Finicity enables a financial data-sharing ecosystem that is secure, inclusive and innovative. Through its real-time financial data aggregation and insights platform, Finicity provides solutions for financial management, payments and credit decisioning, while also leading the development and promotion of industry standards. The company has developed more than 16,000 bank integrations, with the vast majority through connections that provide access to formatted bank data, improving information access and accuracy. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To stay up to date on all Finicity company and product announcements, visit the website at www.finicity.com.
Enterprise Lending Center users now have streamlined access to instantaneous asset-verification, eliminating lending bottlenecks and manual processes
DENVER; April 5, 2018 – Mortgage Cadence, an Accenture (NYSE: ACN) company, has integrated FormFree®’s AccountChek® automated asset-verification service into its Enterprise Lending Center (ELC) platform, expanding the loan origination platform’s growing list of best-in-class third-party services that streamline every aspect of the mortgage process.
“We constantly evaluate the best service and data providers to include in our Services Center offering, and we are proud to add FormFree’s AccountChek to our arsenal,” said Brian Benson, executive manager of Mortgage Cadence’s Services Center. “As a Fannie Mae Day 1 Certainty designated vendor for asset verification, AccountChek enables greater speed and simplicity for both lenders and borrowers.”
In a recent Accenture Research survey, a majority of borrowers said they were willing to provide their lenders with the credentials necessary to digitally verify asset information in exchange for an easier, faster and more secure loan qualification process. AccountChek’s asset verification process, which can be completed in minutes from any web-enabled device, directly addresses this growing consumer demand for greater convenience in the mortgage transaction.
In addition to reducing burden on the borrower, AccountChek also minimizes the risk of human error that occurs when information from paper statements is manually keyed into software. Once users complete the asset-verification process through the integrated service, the AccountChek Asset Reports are securely stored in Mortgage Cadence’s ELC.
FormFree is a Day 1 Certainty vendor, which means that information gathered through AccountChek can be uploaded electronically to Fannie Mae without the need for supporting documentation. Assets validated through AccountChek using the Desktop Underwriter® Validation Service are eligible for rep and warrant relief from Fannie Mae, reducing the risk of repurchase.
The new functionality is available now to ELC users, enabling the “click here, close now” type of lending that today’s borrowers expect.
For more information on Mortgage Cadence’s lending technology suite, visit MortgageCadence.com.
FormFree is a fintech company whose market-leading AccountChek® Asset Reports are used by lenders nationwide to verify borrower assets, employment and income in minutes. To date, more than 1,000 U.S. lenders have ordered over 1.25 million AccountChek Asset Reports, delighting their customers with a paperless experience and reducing origination timelines by up to 20 days. FormFree offers automated analysis and standardized delivery to lenders and their investors using a secure ReIssueKey™. A HousingWire TECH100™ company for four consecutive years, FormFree is based in Athens, Georgia. For more information, visit www.formfree.com or follow FormFree on LinkedIn.
About Mortgage Cadence
Since 1999, Mortgage Cadence, champions of the lending process, have been providing the best people, process and technology for enterprise and mid-market lenders who desire to deliver an exceptional borrower experience. From point-of-sale through post-closing Mortgage Cadence offers reliable software and dedicated people, supporting lenders every step of the way. Visit www.mortgagecadence.com for more information.
By: Brian Benson for Tomorrow's Mortgage Executive
Historically, the prime objective of every U.S. mortgage origination operations manager has been to create and maintain a productive operation. Keep the pipeline full, close business, lower the incremental price per loan, remain compliant. The recent “digital explosion” driven both by compliance and consumer demand for a more tangible, technology-driven experience has significantly altered that conversation. It is not enough to be cheaper, quicker, or even necessarily more efficient. To remain competitive and deliver productivity and growth that is sustainable, the modern mortgage operation must provide an elegant, transparent, ever-reliable experience, especially for borrowers, while remaining secure and compliant. To achieve this, lenders must rely on more outside services and service providers than ever before, and engage with them in a way that is, in a word, “smarter”.