Finicity, a Murray, Utah-based real-time financial data sharing ecosystem provider, as per recent reports, has announced entering into a partnership agreement with Pulte Mortgage LLC, an Atlanta, Georgia-based wholly owned mortgage subsidiary of the home construction giant –PulteGroup, Inc., to help them improve the home financing process for borrowers.
“Today’s consumers have come to expect simple and rapid experiences enabled by digitization,” says, Finicity CEO Steve Smith. “Pulte is an innovator that is embracing digital solutions to further deliver a superior borrower experience by giving their loan consultants more time to engage with their buyers.”
The Atlanta-based Pulte Mortgage will be leveraging Finicity’s technology in a bid to accelerate its asset verification process. According to the company, employing Finicity’s technology reduces the time-consuming, manual, and paper-intensive process “from weeks to minutes”. Furthermore, Finicity’s platform facilitates lenders to access up to 24 months of bank-, brokerage, and 401k-information, allowing them to quickly and easily confirm an individual’s assets without the need for a hierarchy paper-trail.
“The average loan file used to be about 300 pages, but today’s regulatory and compliance demands have pushed this figure to more than 800 pages,” explains Debra Still, president and CEO of Pulte Mortgage. “The need for ever-increasing volumes of supporting data puts an incredible burden on the borrower, which is why we strategically invest in integrated technology solutions, like Finicity, to reduce the time and complexity associated with securing a mortgage.”