SALT LAKE CITY, Utah (PRWEB) October 23, 2017
Finicity, a leading provider of real-time financial data aggregation and insights, announced today participation in Fannie Mae’s pilot for Single Source Validation as an asset report provider. Single Source Validation is an enhancement to the Desktop Underwriter® (DU®) validation service that leverages bank account data collected via a single asset report to validate income, assets and employment.
“Using customer-permissioned access to bank account data is one of the most transformative trends within mortgage lending and the verification process,” said Steve Smith, CEO and co-founder of Finicity. “Fannie Mae has demonstrated significant leadership in accelerating this transformation, and with the pilot of Single Source Validation we, as an industry, are rapidly moving to a fully digital experience that will benefit borrowers and lenders alike.”
Finicity is currently an authorized, integrated report provider for asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This provides lenders a validated asset report through Fannie Mae’s Day 1 CertaintyTM initiative.
As part of the Single Source Validation pilot, Fannie Mae will utilize transaction data from Finicity asset reports. Through the asset reports, Fannie Mae will validate not only assets but also income and employment. Using a single source will dramatically increase efficiency and accuracy through underwriting, processing and QC.
Fannie Mae’s Single Source Validation is currently in pilot with a broader rollout planned for 2018 to allow for feedback and collaboration with lenders and industry partners. The solution will build on its Day 1 Certainty initiative, providing freedom from representations and warranties for income, assets and employment validated through this single source process.
To stay up to date on all Finicity company and product announcements, visit the website at http://www.finicity.com.
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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. It is 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 is the winner of API World’s 2016 Finance API of the Year.