Finicity expands mortgage verification with ICE integration

Fintechs aim to dramatically cut down turnaround time.

Finicity, an open-banking solutions provider that was acquired by Mastercard in 2020, announced a partnership with its one-touch Mortgage Verification Service and ICE Mortgage Technology on Thursday. The integration allows borrowers to permission data so that lenders can quickly verify assets, income and employment.

Launched in February, the verification is accepted by both Freddie Mac and Fannie Mae and makes the loan eligible for representation and warranty relief without the use of manual loan documentation. With the integration, the one-touch Mortgage Verification Service.

“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.

In an email statement to HousingWire following its acquisition, Smith said the company aspires for people to connect their financial accounts to the apps and services they most want to use.

Finicity’s most recent partnership arrived just one month after it signed a data access agreement with the digital banking platform Green Dot. Finicity’s direct API is now offered via Green Dot’s digital bank GO2bank and will enable users to connect their digital accounts to third-party apps within Finicity’s secure data network. 

As an open banking platform, Finicity has partnered with a number of large financial institutions such as Brex, a fintech that offers business credit cards and cash management accounts to tech companies, and Charles Schwab, one of the largest wealth management firms in the nation.

However, Finicity isn’t the only one stirring up business with its tech. ICE’s integration with Finicity is the third partnership the public company has announced in just three days.

ICE also announced Thursday an enterprise agreement with Corelogic. Via the Encompass Partner Connect, a cloud-native third-party-service integration platform, CoreLogic will update data-driven processes and make these solutions available to thousands of mutual clients on the ICE platform, the analytics vendor said.

On Tuesday, ICE completed its latest integration with Wolters Kluwer Compliance Solutions’ ClosingCenter. The integration leverages ICE’s Platform and the MERS (Mortgage Electronic Registration System) eRegistry to provide a compliant digital lending workflow, for what it claims is end-to-end market delivery.

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