Finicity, a Mastercard company and provider of open banking solutions, is expanding its one-touch Mortgage Verification Service availability within ICE Mortgage Technology.
The integration enables borrowers to permission data quickly and easily so lenders can verify assets, income, and employment in a streamlined interaction. The result, the companies said, is that both parties are met with a significantly reduced turnaround time and improved borrower experience.
The verification can be accepted by both Freddie Mac and Fannie Mae and makes the loan eligible for representation and warranty relief.
“With MVS integrated into Encompass and Encompass Consumer Connect, our goals are to reduce risk for lenders, create an overall improved consumer experience, and ultimately simplify the mortgage process for everyone by helping borrowers prove their creditworthiness in a more robust, yet streamlined way,” said Steve Smith, Mastercard’s head of global open banking.