Finicity in full integration with BeSmartee
Finicity and BeSmartee team up
Digital mortgage marketplace provider BeSmartee has partnered with Finicity to make the digital loan origination process easier for lenders and borrowers alike, reports David Penn at Finovate. The agreement will integrate Finicity’s Verification of Assets (VoA) solution into BeSmartee’s point-of-sale (POS) mortgage origination platform.
Finicity says its technology leverages consumer-permissioned data to improve accuracy, increase decisioning speed, and reduce fraud. This helps digitise and modernise the lending process for lenders and remove friction for prospective buyers, the vendor states.
Finicity’s VoA solution enables lenders to identify underwriting issues that could weigh on credit decisioning. The report includes data on multiple financial institutions and accounts, as well as information on account types, balances, and detailed transactions. VoA reports are delivered under the company’s Consumer Reporting Agency (CRA) framework to ensure consumer privacy and compliance with FCRA regulations.
Praising the company’s “great technology” and “great people”, BeSmartee co-founder Arvin Sahakian says the partnership has been a major part of the company’s plan for growth. Based in Huntington Beach, California, and founded in 2008, BeSmartee uses big data and AI to provide a completely digital origination process. The company’s products include BeSmartee Mortgage (consumer loan POS), BeSmartee TPO (wholesale lending), and BeSmartee Solar (solar lending platform).
Finicity’s partnership with BeSmartee comes amid a flurry of news for the real-time data aggregation and insights specialist. Last week the company announced a partnership with Ellie Mae that will integrate its digital asset verification solution with Ellie Mae’s Encompass platform. Earlier this month, Finicity teamed up with MortgageHippo to streamline the company’s verification process in mortgage lending, and worked out a deal with Advanced Data to resell its verification reports as part of the company’s mortgage lending fraud prevention toolkit.
Headquartered in Salt Lake City, Utah, Finicity has raised more than $50 million in funding and includes Experian among its investors.
