Finicity the kingmaker for Princeton Mortgage’s SnapApp
Princeton Mortgage will use Finicity’s Verification of Assets (VoA) solution to improve the loan origination experience for lenders and borrowers. The asset verification technology will be integrated into Princeton Mortgage’s digital mortgage platform, SnapApp, automating the asset verification process, reducing mortgage fraud, and speeding time to close, reports David Penn at Finovate.
VoA enables lenders to use bank validated insights to identify underwriting factors that can shave as many as six days off the mortgage origination process.
VoA and Verification of Income (VoI) are part of the company’s solutions to help digitise the lending experience and bring information available via real-time bank data to the mortgage industry.
Princeton Mortgage’s SnapApp enables borrowers to apply, verify income and assets, access their credit information, run an automated approval and generate a pre-approval letter at any time, according to the company’s sales enablement manager Nicole Gordon.
Headquartered in Salt Lake City, Utah, and founded in 1999, Finicity partnered with Experian and FICO to launch the new UltraFICO credit score earlier this fall/autumn.
The new solution is designed to help provide financing to borrowers with credit scores in the so-called grey area of the upper 500s and lower 600s. UltraFICO leverages the account aggregation capabilities of Finicity and Experian’s consumer credit data to give lenders a broader view of a borrower’s financial behaviour – especially for those new to credit or with limited credit history.
Finicity has been busy making friends and forging partnerships this year. The company teamed up with Freddie Mac in October, Fidelity Investments and Capsilon in September, Capital One in August, and both SimpleNexus and Cre8tech Labs’ Lender Price in July. The deals ranged from credit decisioning integrations to secure data exchange and customer data security agreements.