Freddie Mac says integration with its asset and income modeler is the next step of its evolution
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A new verification of income and employment (VOIE) solution for mortgage lenders has been launched by Finicity.
The solution is powered by the firm’s TXVerify technology and digitally extracts a borrower’s pay statement data from the paystub and then cross-verifies that key data with their income transactions from their financial institutions.
It moves things on from a mostly manual process to a fully digital solution that connects to a borrower’s bank and includes a scan, photo or PDF of a borrower’s paystubs. And the available data covers around 90% of American workers.
“Our VOIE is expected to become the new gold standard of income and employment verification,” said Steve Smith, Finicity CEO. “We know it will be met with fast adoption by key industry players who aim to be on the cutting edge of lending technology. With VOIE building upon our current Verification of Assets solution, lenders will now be able to use Finicity as a one-stop-shop for digital verification.”
The solution is available to all lenders including auto and credit cards but has been designed to meet the strict requirements of the US mortgage market.
Freddie Mac integration
Finicity’s VOIE solution is also available in a limited release of Freddie Mac’s asset and income modeler (AIM).
“Adding Finicity’s VOIE solution is the next step in the evolution of AIM,” said Kevin Kauffman, Senior Director of Technology Integration at Freddie Mac. “And our partnership with Finicity has helped to create a waterfall-like approach by adding paystub data to our AIM capability using accurate and verifiable data that meet our underwriting standards. This means more opportunities for representation and warranty relief and greater cost savings for lenders all while delivering a better lending experience to borrowers.”
Meanwhile Quicken Loans’ EVP of client experience, Heather Lovier, says that VOIE solutions help simplify the mortgage application process.
“VOIE is a critical next step in the evolution of the mortgage process and we look forward to seeing it more widely implemented throughout the industry,” she said.
Finicity will be demoing the solution at Freddie Mac Connect 2019 in Washington D.C. on September 19th.
