Financial data insights provider Finicity has signed an integration agreement with Capsilon, which provides automation software for the mortgage industry. It is part of an effort to modernise and digitise mortgage processing.

As a part of the agreement, Finicity’s Verification of Assets (VoA) solution was integrated into the Capsilon platform.

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The integration is also expected to facilitate mortgage processing and improve user experience.

Furthermore, the VoA solution offers bank-validated insights of prospective borrowers to reduce frauds. The solution also slashes processing time as it generates reports instantly.

Streamlining efforts

Following the integration with the Capsilon platform, the asset verification process will be automated. This further streamlines the loan application process.

Finicity CEO Steve Smith said: “We’re excited to work alongside Capsilon with the shared goal of transforming the difficult manual mortgage origination processes of today into a modern and digital experience of the future.

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“Finicity’s VoA reports are a key part of the next-generation mortgage process.”

In addition, Capsilon COO Jim Obsitnik said: “The mortgage industry is undergoing radical transformation driven by technology. Those who invest in the right technology now will gain a competitive advantage to help them minimise risk and accelerate growth as the market changes.

“We’re thrilled to partner with Finicity to help mortgage companies speed up the application process and deliver better borrower and loan officer experiences.”

Headquartered in San Francisco, Capsilon focuses on developing intelligent tools for the mortgage industry.

Its platform utilises data and artificial intelligence to automate the associated manual mortgage processing tasks.