The integration of Finicity’s solution into BeSmartee’s next generation point-of-sale platform for mortgage originations will further streamline the digital loan origination process for lenders and borrowers.
Finicity, a leading provider of real-time financial data aggregation and insights, announced today an integration agreement with BeSmartee, a digital mortgage marketplace provider, to further streamline and accelerate the digital loan origination process for lenders and borrowers. The agreement will integrate Finicity’s Verification of Assets (VoA) solution into BeSmartee’s next generation point-of-sale platform for mortgage originations.
Finicity is committed to utilizing consumer-permissioned data in the credit decisioning space to increase accuracy and decisioning speed while reducing fraud. Through bank-validated data and data intelligence, Finicity provides solutions to lenders that assist them in digitizing and modernizing the lending process — reducing friction with borrowers while providing better, cleaner data that can shorten verification to minutes instead of days.
In BeSmartee’s platform, lenders can request an asset verification report with one click. Borrowers are prompted to complete a short online process to permission use of their financial account data, which is then used to generate a real-time verification report.
“Finicity is improving the lending process through superior data access, quality and insights,” said Steve Smith, Finicity CEO. “We’re proud to be working alongside BeSmartee to accelerate the digital loan process, improving efficiency for lenders and transparency for borrowers.”
BeSmartee is a complete digital origination process, which gives borrowers greater control and guidance while providing lenders with a customizable platform to improve efficiency and the overall experience.
“Integrating with Finicity is a key step in helping us continue to provide exceptional services to our clients in the form of speed, accuracy and reliability within our best-of-breed mortgage origination point of sale platform,” said Arvin Sahakian, BeSmartee co-founder. “We look forward to working with Finicity. They have great technology and, more importantly, great people behind that technology.”
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 Certainty™ 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. Finicity is also an authorized Freddie Mac asset validation report provider, and Freddie Mac and Finicity are working together on new methods to validate income from payroll deposit data from bank statements.
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.
BeSmartee has developed an automated mortgage origination technology the company private labels and licenses to lenders. By utilizing artificial intelligence, BeSmartee’s process enables lenders to take their borrowers from the initial contact into underwriting in 20 minutes with a complete loan application, credit report, income/asset documents, eSigned/eDelivered disclosures and paid appraisal. Founded in 2008 and headquartered in Huntington Beach, Calif., the BeSmartee team has worked on the front and back-end of mortgage originations for over a decade, applying their knowledge to develop a truly unrivaled user experience, with an array of tools and features catering to the specific needs of lenders and their customers.