Finicity Partners accelerates Pulte Mortgage’s asset verification
Real-time financial data access and insights provider Finicity has a new partner in the mortgage space. The company is teaming up with Pulte Mortgage to help the firm improve the home financing process for borrowers, reports David Penn at Finovate.
“Today’s consumers have come to expect simple and rapid experiences enabled by digitisation,” Finicity CEO Steve Smith says. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”
Pulte Mortgage will leverage Finicity’s technology to accelerate asset verification, reducing the time-consuming, manual, and paper-intensive process “from weeks to minutes” the company says in a statement. Finicity’s platform will enable lenders to access up to 24 months of bank, brokerage, and 401k information to quickly confirm assets without requiring paper verification.
“The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages,” president and CEO of Pulte Mortgage Debra Still explains. “The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”
A subsidiary of Pulte Group, Pulte Mortgage was founded in 1972, and finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes. Pulte Group has financed over 700,000 homes in the US, offering home buyers more than 200 different home loan solutions. The company is headquartered in Atlanta, Georgia.
Via API, Finicity’s data aggregation and insights platform provides clients with consumer-permissioned data in real-time to support financial management, payments, and credit assessment services and solutions.