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.
After the lender captures loan application information, the lender engages the consumer to use FinLocker, providing pre-developed instructions on how to set up a FinLocker account if the consumer does not already have one. The consumer establishes access within minutes, and the lender can quickly obtain the necessary financial information and account documentation. FinLocker applies automated business rules to analyze the information. FinLocker provides defaulted business rules (e.g., Fannie Mae and Freddie Mac guidelines and more) but can be customized to the lender’s requirements. The consumer or loan processor receives electronic notifications of items requiring additional explanation or information to expedite the loan process. The consumer can utilize FinLocker’s consumer collaboration platform to address any discrepancies or other information requests. The days-long and even weeks-long, loan application process of the past can now be reduced to minutes. Consumer frustration and lost time trying to locate, provide and verify the required paper documents and additional information are essentially eliminated. FinLocker also automates much of the manual tasks of the loan processor.
Key Features to help Reduce Costs & Risks
Applicant’s Consent and Control of Access
Provides applicants the ability to manage and share financial information and documentation. The applicant enrolls their financial accounts into FinLocker. The applicant controls and provides consent on who to share the financial information with, which information is shared, and for how long of a time period. Examples of financial information shared include: bank statements, credit card statements, investment account statements, pay statements, tax return transcripts, W-2s, etc.
Instant Retrieval of Applicant’s Electronic Account Data
Once the applicant has granted secure access to the specific financial accounts, the authorized information from each financial account is pulled; FinLocker verifies and analyzes the account information and provides a set of documents and data file.
Verification of Assets and Deposits
Meets Fannie Mae and Freddie Mac requirements for alternative Verification of Deposit (VOD) 1006; validates and monitors account and balances. FinLocker verifications create documentations that are equivalent to bank and investment account statements. Can verify direct deposit amounts and other income information.
Automated Account Analysis and Applicant Response
Once the applicant’s accounts have been verified, the data is analyzed, and the applicant and loan processor are notified of any data that may require additional explanation and/or additional documentation. The loan application documentation and supporting information is made available to you within minutes once completed and authorized for release by the applicant. FinLocker eliminates frustration and delays that are commonplace in current industry practice.