SimpleNexus, developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, 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, 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.
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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.”
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“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.
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