Centreville, Va., Sept 18, 2019 – Vellum Mortgage announced today, through their partnership with Finicity and Freddie Mac, the October 1 implementation of Finicity’s new Verification of Income and Employment (VOIE) solution, creating a significant move to a full digital mortgage. Finicity’s VOIE sets a new benchmark for automated income and employment assessment, while adding to Vellum’s customer centric, digital mortgage experience Vellum Advantage.
Finicity’s VOIE solution instantly validates the income used for loan qualification by extracting the borrower’s income data from the pay statement and cross-verifying it with income transactions reported by their financial institution. This automates a mostly manual process for lenders while also reducing the borrower “hassle factor”.
“Fincity’s VOIE program is a great leap forward in the digital verification of income and employment,” said Patrick Gardner, Principal Vellum Mortgage. “Not only is the borrower experience faster and simpler, it improves processing and underwriting times as well. Partnering with Finicity has been critical in Vellum’s goals of implementing technology that delivers results for our customers.”
“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.”
“Marrying Finicity’s VOIE solution with Vellum’s uniquely streamlined mortgage experience fully stacks our arsenal of technology,” said Nathan Den Herder, CTO Vellum Mortgage. “LaunchpadSM, our digital custom support solution for originators, positions Vellum as a true technology-first company.”
“Freddie Mac has done an exceptional job of streamlining the mortgage process and creating a better experience for borrowers and lenders through its AIM program,” said Steve Smith, CEO and Co-founder of Finicity. “Our relationship and their continued push for innovation has been key to our delivery of a verification of income and employment solution that promises to significantly improve coverage for automated assessments in the mortgage market.”
About Vellum Mortgage
Vellum Mortgage was created to elevate the entire mortgage experience, not only for our clients but for our employees and business partners. Our mission is to provide unparalleled transparency in the loan process, backed by a lasting commitment to quality and integrity as indicated by the principles of the name we’re founded on. With this methodology, Vellum Advantage was born to seamlessly power the home buying journey from pre-approval to closing. Our intuitive technology married with our expert advisors makes the process more transparent, streamlined and easier to navigate than ever before – providing a beautifully simple experience. Learn more about Vellum, Vellum Advantage and LaunchpadSM at www.vellummortgage.com
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.
About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
View the full release from Finicity