Finicity Works with MortgageHippo to Accelerate a Frictionless Digital Lending Experience

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Finicity’s Verification of Assets solution to be integrated into MortgageHippo’s digital lending platform

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Consumers are looking for experiences that are simple and fast. Lenders are looking to meet these expectations while improving efficiency and profitability.

Finicity, a provider of real-time financial data aggregation and insights, announced today it is working with MortgageHippo, creators of the leading borrower-centric digital lending platform, to streamline and speed up the verification process in mortgage lending. The initial focus is on integration of Finicity’s Verification of Assets (VoA) solution into the MortgageHippo platform, further digitizing the mortgage experience for lenders and borrowers.

Finicity’s credit decisioning solutions allow lenders to free up resources, improve accuracy and reduce fraud, all while giving borrowers a paper-free, hassle-free experience that utilizes transaction data direct from financial institutions. Through the MortgageHippo platform, lenders will request an asset verification report, which will then inform the borrower to complete a simple online process to identify the financial information they want included and to permission creation of the report. Lenders can review reports with bank-validated data in near real-time, shortening the verification process to minutes instead of days.

“Consumers are looking for experiences that are simple and fast. Lenders are looking to meet these expectations while improving efficiency and profitability,” said Steve Smith, CEO and co-founder of Finicity. “We’re excited to work with MortgageHippo, another innovator that is enhancing the mortgage lending experience for borrowers and lenders with a smart, digital process.”

“Finicity has shown significant market leadership in digitizing the verification process for mortgage lending,” said Michael Salichs, president of MortgageHippo. “Having their solution integrated into our platform is a perfect fit with our vision of an omnichannel digital experience that makes the lending process easier, faster and more pleasant for everyone.”

MortgageHippo is integrated with several industry leading loan origination system (LOS) providers, further simplifying access to and management of reports.

Finicity is an authorized, integrated provider of asset verification reports within Fannie Mae’s Desktop Underwriter® (DU®). This gives lenders a validated asset report through Fannie Mae’s Day 1 CertaintyTM initiative. Finicity 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.

To stay up to date on all Finicity company and product announcements, visit the website at http://www.finicity.com.

About Finicity:
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.

About MortgageHippo:
MortgageHippo works with lenders to devise and implement their digital mortgage strategies using its borrower-centric digital lending platform. The MortgageHippo platform allows lenders to deliver a modern borrowing experience, improve borrower conversions, significantly reduce origination costs and integrate with other innovative technologies. MortgageHippo’s platform is fully customizable to lender preferences and configurable to lenders’ workflows and processes. For more, visit http://www.mortgagehippo.com.

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John Everette
Walker Sands Communications
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