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 both access consumer-consented data and order additional consumer-related information (e.g. tax transcripts) via a secure online platform. That data can then be pushed into existing loan origination or other 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.