Lehi, Utah, June 23, 2021 / PRNewswire / – SimpleNexus (https://simplenexus.com/), developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, today announced integration with Finicity’s Mortgage Verification Service (MVS), which allows lenders to simplify the verification of applicants’ assets, income and employment through a single, built-in service.
Extremity (https://www.finicity.com), Mastercard and a leading provider of open banking solutions, launched MVS in February. The service uses data from banks and payrolls authorized by consumers to receive real-time accurate information about the current assets, income and employment of the borrower in minutes, without any documents. MVS helped lenders shorten the issuance process to 12 days and was accepted by both Freddie Mac and Fannie Mae, making the loans acceptable for reputations and guarantee payments.
SimpleNexus is the first point of sale (POS) mortgage platform to offer MVS Finicity as an integrated solution. From the comfort of the SimpleNexus mobile app, borrowers can use MVS to complete their asset, income and employment verification in a few simple steps that take minutes. Lenders receive real-time verified payroll, stub and bank account data and can update the data within 10 days of loan closure if needed to meet investor requirements.
“Our integration with Finicity’s mortgage verification service provides GSE-approved verification of assets, income and employment in one simple interaction,” said SimpleNexus’ product director. Shane Vestra… “The whole process happens in minutes in a simple, familiar SimpleNexus app that borrowers and loan officers rely on throughout the home buying journey.”
“Digital technology that makes our lives easier is the rule of the day,” said Finicity’s chief product officer. Nick Thomas… “The integration of Finicity’s mortgage verification service into the innovative SimpleNexus platform develops this vision with a simple, intuitive digital process for verifying income, assets and employment in a single online interface.”
“By incorporating Finicity Income and Employment Verification into S1 Connect, just as we previously integrated Finicity Asset Verification, we have once again greatly empowered our clients and simplified the home approval process,” said Synergy One CEO. Steve Myerus… Synergy One’s 275 loan officers use a white label version of SimpleNexus called S1 Connect.
About SimpleNexus, LLC:
SimpleNexus is a home ownership platform that is transforming the mortgage lending experience and connects borrowers, loan officers, real estate agents and settlement service providers throughout the home buying process. The platforms’ built-in mobile toolkit allows lenders to create, process and close home loans from anywhere with increased efficiency and convenience. Loan officers can manage their loan portfolios, order loans, manage pricing, submit pre-approvals, sign disclosures, and make electronic payments – all on the go. SimpleNexus provides borrowers with a single sign-on experience from home search to app, document uploads, electronic closing and other features, thus simplifying the homeowner’s registration process.
Finicity, a Mastercard company, helps individuals, families and organizations make smarter financial decisions with secure and reliable access to fast, quality data. The company provides a proven and reliable open banking platform that allows consumers to control their financial data, changing the way we think about money in everything from budgeting and payments to investing and lending. Finicity partners with both influential financial institutions and leading financial technology providers to give consumers an edge in a complex financial world by helping to improve financial literacy, expand access to financial services, and ultimately lead to better financial results. Finicity is headquartered in Salt Lake City, Utah… To learn more or test its API, visit https://www.finicity.com…
Twitter: @SimpleNexus @finicity
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