Finicity, Freddie Mac Loan Advisor partner to automate asset management

Real-time data aggregator Finicity has partnered with Freddie Mac Loan AdvisorSM to automate income and asset management.

Through the partnership, Finicity’s asset and income verification reports will be integrated within Freddie Mac Loan Product. The solution is scheduled to launch later this quarter.

Finicity is a credit decision solution to help lenders improve accuracy and lower fraud, while providing clients with a paper-free solution that tracks transaction data directly from financial institutions. Its data-sharing ecosystem provides solutions for financial management, payments, expense reporting, tax management, loan analysis and credit decisioning in mortgage lending.

The company recently improved its asset verification product to let clients receive up to 24 months of transaction data. Its income verification offering was also updated recently to leverage enhanced analytics to rank income streams with confidence scores.

These upgrades have come as Finicity looks to advance consumer-permissioned data access and the digitisation of the lending space.

Freddie Mac vice president, Samuel Oliver III said, “Finicity’s high quality data, combined with their data intelligence capabilities and Loan Product Advisor’s superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers, giving them the Freddie EdgeSM. This industry-leading solution gives our clients that competitive advantage.”

Earlier in the year, Finicity partnered with Capital One to support secure data exchanging. The agreement bolsters Capital One’s customer transaction service by giving customers more security when sharing financial data with third-party apps and services.

Through the deal, Finicity’s financial data API is integrated with the Capital One platform to enable the automation of data collection from banks.

Freddie Mac, which was created by Congress in 1970, aims to make homeownership and rental housing more accessible and affordable, according to its website. The company works in a secondary mortgage market, buying mortgage loans from lenders and redistributing this to qualified borrowers.

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