LEHI, Utah — SimpleNexus (https://simplenexus.com/), developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, today announced an integration with Finicity’s Mortgage Verification Service (MVS) that allows lenders to streamline the verification of applicants’ assets, income and employment using a single embedded service.
Finicity (https://www.finicity.com), a Mastercard company and leading provider of open banking solutions, launched MVS in February. The service leverages consumer-permissioned bank and payroll data to provide accurate, real-time insight into a borrower’s current assets, income and employment in minutes, without any paperwork. MVS has helped lenders shave up to 12 days off the origination process and is accepted by both Freddie Mac and Fannie Mae, making loans eligible for rep and warrant relief.
SimpleNexus is the first mortgage point-of-sale (POS) platform to offer Finicity’s MVS as an integrated solution. Without ever leaving the SimpleNexus mobile app, borrowers can use MVS to complete asset, income and employment verification in a few simple steps that take just minutes to complete. Lenders receive validated payroll, paystub and bank account data in real time and can refresh the data within 10 days of the loan closing as needed to fulfill investor requirements.
“Our integration with Finicity’s Mortgage Verification Service delivers GSE-accepted verification of assets, income and employment in one easy interaction,” said SimpleNexus Chief Product Officer Shane Westra. “The entire process takes place in minutes within the simple, familiar SimpleNexus app that borrowers and loan officers rely on throughout the homebuying journey.”
“Digital experiences that simplify our lives are the rule of the day,” said Finicity Chief Product Officer Nick Thomas. “The integration of Finicity’s Mortgage Verification Service into the innovative SimpleNexus platform furthers this vision with a simple, intuitive digital process for verifying income, assets and employment in a single online experience.”
“By embedding Finicity’s income and employment verifications within S1 Connect, just as we previously integrated Finicity’s asset verification, we have once again significantly empowered our clients and streamlined the home approval process,” said Synergy One CEO Steve Majerus. Synergy One’s 275 loan officers use a white-labeled version of SimpleNexus under the S1 Connect moniker.
About SimpleNexus, LLC:
SimpleNexus is a homeownership platform transforming the mortgage experience and connecting borrowers, loan officers, real estate agents and settlement service providers throughout the homebuying process. The platforms’ native mobile toolset enables lenders to originate, process and close home loans from anywhere with increased efficiency and convenience. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals, sign disclosures and execute eClosings – all on the go. SimpleNexus provides borrowers with a single sign-on experience from home search to the application, document upload, eClose and beyond for a more streamlined homeownership journey.
About Finicity:
Finicity, a Mastercard company, helps individuals, families and organizations make smarter financial decisions through its safe and secure access to fast, high-quality data. The company provides a proven and trusted open banking platform that puts consumers in control of their financial data, transforming the way we experience money for everything from budgeting and payments to investing and lending. Finicity partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world, helping to improve financial literacy, expanding financial inclusion and ultimately leading to better financial outcomes. Finicity is headquartered in Salt Lake City, Utah. To learn more or test drive its API, visit https://www.finicity.com.
Twitter: @SimpleNexus @finicity
Related link: https://simplenexus.com/
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