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 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.

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
  • Income data is automatically populated into a robust worksheet and calculated for the lender, reducing errors and turn times
  • Consumers are given unprecedented insight into and control over the data they share
  • Multiple layers of security and rigorous controls protect both consumer and lender data
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