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Finicity Enhances Mortgage Verification Process with ICE Mortgage Technology
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Rhea-AI Summary
Finicity, a Mastercard company, announced the expansion of its one-touch Mortgage Verification Service (MVS) within ICE Mortgage Technology. This integration allows borrowers to easily authorize data verification for assets, income, and employment, significantly reducing turnaround times and improving the borrower experience. The MVS is accepted by Freddie Mac and Fannie Mae, making loans eligible for representation and warranty relief. This shift towards digital mortgage solutions enhances efficiency and streamlines the overall mortgage process for lenders and borrowers alike.
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Expansion of one-touch Mortgage Verification Service improves borrower experience.
Integration with ICE Mortgage Technology reduces turnaround time for loan processing.
MVS acceptance by Freddie Mac and Fannie Mae enhances loan eligibility for representation and warranty relief.
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SALT LAKE CITY--(BUSINESS WIRE)--
Finicity, a Mastercard company and leading provider of open banking solutions, announced today that it is expanding its one-touch Mortgage Verification Service (MVS) availability within ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure. This integration enables borrowers to permission data quickly and easily so lenders can verify assets, income, and employment in a streamlined interaction. The result: 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 in place of a cumbersome and difficult manual loan documentation process. With more lenders and borrowers adopting digital mortgage experiences, moving from a largely manual process to a more digital one creates an enhanced overall experience.
“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.
ICE Mortgage Technology combines our innovation and expertise to automate the entire mortgage process from consumer engagement through loan registration, and it handles every step in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality, and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
About Finicity
Finicity, a Mastercard company, helps individuals, families, and organizations make smarter financial decisions through 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 www.finicity.com.
About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks to connect people to opportunity. We provide financial technology and data services across major asset classes that offer our customers access to mission-critical workflow tools that increase transparency and operational efficiencies. We operate exchanges, including theNew York Stock Exchange, and clearing houses that help people invest, raise capital, and manage risk across multiple asset classes. Our comprehensive fixed income data services and execution capabilities provide information, analytics, and platforms that help our customers capitalize on opportunities and operate more efficiently. At ICE Mortgage Technology, we are transforming and digitizing the U.S. residential mortgage process from consumer engagement through loan registration. Together, we transform, streamline, and automate industries to connect our customers to opportunity.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.
