What is FinLocker?

FinLocker is a consumer-enabled financial data platform that gives lenders access to critical borrower information via a trusted 3rd party that can be used to streamline the origination and underwriting processes for mortgages and other financial products. It reduces costs, time, and risks for all participants in the loan life-cycle, while expediting the data collection, verification, and analytics processes. The consumer can also use FinLocker to manage their personal finances.

FinLocker providers can invite their consumers to utilize the FinLocker tool. With the consumer’s consent, FinLocker accesses online financial information from the sources of the consumer’s choosing, including bank statements, brokerage statements, credit card statements, tax information, and other financial data. Using FinLocker, the lender can then access consumer-consented data in a secure online platform. That data can be integrated into existing loan origination and business systems.

FinLocker also applies business rules and analytics to provide actionable information that can be utilized by lenders, servicers, and investors. FinLocker allows the consumer to easily manage their financial data, and share it for many types of loans and financial products at their discretion.

FinLocker can help streamline the lending process with:
  • Real-time verification of financial data with access to over 15,000 financial and other data sources
  • Automated review of financial data backed by a powerful rules engine to identify gaps in loan processing and underwriting with an automated collaboration platform for applicant’s quick response
  • Life-cycle loan monitoring which can provide an early warning system designed to flag key changes in customer condition
  • Applicant consent and control with completely transparent process
  • Bank-level security
FinLocker offers a valuable tool for both the business and consumer user:
Businesses can:

  • Cut costs
  • Reduce fraud
  • Speed up the loan process
  • Improve customer satisfaction
  • Boost margins
  • Mitigate risk
  • and more
Consumers can:

  • Speed up the loan process
  • Improve loan experience
  • Reduce hassles with paper documents
  • Regulate and control data sharing
  • Apply for other loans while re-using data
  • Manage finances
  • and more