Fannie Mae, the leading provider of mortgage financing in the US, has partnered with Mastercard Open Banking and Finicity, a Mastercard company, to revolutionize the mortgage application process with a secure and efficient digital verification solution. This innovative approach streamlines loan approvals, reduces paperwork, and benefits both lenders and borrowers.
Simplifying the Process for Borrowers:
Traditionally, obtaining a mortgage often involved a time-consuming and cumbersome process for borrowers. Manually collecting and submitting stacks of income documents created inefficiencies for both parties.
Empowering Lenders with Digital Tools
Fannie Mae’s Desktop Underwriter® (DU®) validation service leverages Mastercard Open Banking and Finicity’s expertise to offer a digital alternative. Borrowers can now utilize Finicity’s user-friendly Connect consent flow to securely link their bank accounts, enabling lenders to access their data electronically.
Benefits of Digital Verification
- Reduced Time and Effort: This secure digital solution eliminates the need for manual document collection and verification, saving valuable time for both lenders and borrowers.
- Enhanced Security: Data is transmitted electronically, minimizing the risk of loss or fraud associated with paper documents.
- Improved Efficiency: Streamlined data sharing allows lenders to expedite the mortgage application process and make faster loan decisions.
- Greater Accuracy: Digital verification ensures data accuracy, leading to more informed lending decisions.
Fannie Mae’s Commitment to Innovation
Fannie Mae’s latest innovation, powered by Finicity’s Mortgage Verification Service (MVS), demonstrates their commitment to developing secure and efficient solutions that improve the mortgage experience for all participants. With this new digital verification solution, Fannie Mae, Mastercard, and Finicity are paving the way for a more streamlined and efficient mortgage process. This collaborative approach benefits both lenders and borrowers, ultimately fostering a more accessible and secure housing market.
