FinLocker can support the mortgage and other loan processes from data collection, verification, loan processing, underwriting and servicing. FinLocker can integrate to your existing workflows and loan origination/business systems.
FinLocker’s process is flexible, meaning the various steps can occur at any point in a lender’s workflow. For asset verifications, the consumer is first invited to set up a FinLocker account and then share their financial account information through the secure platform. For income and employment verifications, the lender follows a simple process to order products such as tax transcripts or The Work Number through FinLocker. Once data from all these verifications is returned, FinLocker’s intelligent analytics and robust rules engine come into play. The income data is populated into a worksheet where a qualifying monthly income amount is calculated automatically. Further, both the income and asset data is reviewed by the rules engine to ensure compliance with guidelines (e.g. Fannie Mae, Freddie Mac, VA, customer overlays, etc.) and flag any potential risk factors. All this activity is shown to the lender in through FinLocker’s modern UI, and/or pushed directly to an LOS or other business system. Further, advanced collaboration and notification functions ensure both parties are informed of progress. All this means faster turn times, less errors, fewer consumer frustrations, and reduced costs.
Key Features to help Reduce Costs & Risks
Electronic Verifications of consumer assets, employment, and income information greatly increase speed. FinLocker’s asset verification process is much easier for consumers and eliminates the traditional hassle of waiting for them to find and send bank statements. Unifying income and employment verifications in one platform, on the other hand, standardizes the workflow and increases operational efficiency.
Automated Income Calculations
The calculation of qualifying monthly income is one of the most arduous and time-consuming parts of underwriting. With FinLocker’s process, much of it is done automatically, which both carves a large chunk of time out of the process and greatly reduces human error. Further, the resulting worksheet produced was created in conjunction with active underwriters, ensuring easy incorporation into existing workflows.
Intelligent analytics and a smart rules engine
Normally, a review of a consumer’s information is done by human staff. This is both error-prone and time-consuming, adding unnecessary cycles to loan production. With FinLocker’s analytics, you can be more confident that risk factors are addressed and issues aren’t missed.
Electronic data trumps paper documents
Put simply, much more can be done with electronic data than with paper documents. Automatic calculations, analyses, and reviews are only possible with electronic data. Further, independently verified data from 3rd parties is more trustworthy than paper documents that can be manipulated, reducing risk and protecting against fraud.