Mortgage Verification - The Benefits of Using a Mortgage Verification Service
Finicity, a provider of open banking solutions, has recently launched a new mortgage verification service that streamlines the loan approval process. The one-touch Mortgage Verification Service integrates consumer permissioned bank data to help lenders quickly verify a borrower's assets. The security home mortgage technology is accepted by Freddie Mac and Fannie Mae. Its innovative solution allows lenders to complete loan approvals faster, while improving accuracy, profitability, and borrower experience.
The mortgage verification service (MVS) works by verifying borrower data and customer-provided information against publicly-available and private data. It may also offer robust integrations with mortgage technology systems. The benefit of a mortgage verification service lies in the reduced risk for lenders and the simplified process for consumers. The process is more efficient for everyone, including borrowers and lenders alike. By removing human error from the equation, a lender can focus on providing a superior mortgage experience and reduce their risk.
Finicity Lend has made mortgage verification simpler by leveraging the open banking platform to connect banks and payroll processors. The company claims its mortgage verification service cuts eight to 12 days off the loan origination process by leveraging high-value data from payroll processors and financial institutions. The Finicity Lend Mortgage Verification Service also provides flexible flows for different mortgage lending use cases. There are two main benefits of using a mortgage verification service.
Finicity Lend's Mortgage Verification Service (MVS) is an FCRA-compliant tool that provides lenders with financial information. Finicity's mission is to empower consumers and lenders by providing access to permissioned data. This service helps lenders mitigate risk while improving consumer experiences and enhancing financial inclusion. This service is accepted by lenders and GSEs. Its innovative approach enables borrowers to apply for a mortgage faster.
If you are self-employed, you will need to try this, they provide an official income document from the IRS. You can do this through Form 4506-T, which requests an official IRS tax transcript. This document will confirm the mortgage company's requirement for income. If this documentation is not available, mortgage lenders may require additional information from a cosigner. Although the process of mortgage verification is simple, you should know the potential for issues. To avoid any of these issues, choose a quality mortgage verification service that offers reliable, unbiased results.
Mortgage lenders require employment verification of prospective homeowners in order to protect themselves from overpaying borrowers. For this reason, mortgage companies generally accept a debt-to-income ratio of 43% or less. This means that monthly bills must not be more than 43% of a buyer's gross monthly income. Some lenders even used a higher limit before the housing market crash in 2009. Take a look at this link for more information: https://www.encyclopedia.com/entrepreneurs/news-wires-white-papers-and-books/mortgage-company.