The integration is said to allow borrowers to permission data quickly, helping lenders verify assets, income, and employment effectively. Credit: Credit Commerce from Pixabay

Open banking solutions provider Finicity, which was acquired by Mastercard in 2020, has expanded its one-touch mortgage verification service (MVS) with ICE Mortgage Technology.

Part of data and technology provider Intercontinental Exchange, ICE Mortgage Technology is a cloud-based loan origination platform provider that automates the complete mortgage process from consumer engagement through loan registration.

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The integration is said to allow borrowers to permission data quickly, helping lenders verify assets, income, and employment.

This leads to reduced turnaround time and enhanced borrower experience.

The verification can be accepted by Freddie Mac as well as Fannie Mae.

Commenting on the development, Mastercard head of global open banking Steve Smith said: “With MVS integrated into Encompass® and Encompass Consumer Connect®, our goals are to reduce risk for lenders, create an overall improved consumer experience, and ultimately simplify the mortgage process for everyone by helping borrowers prove their creditworthiness in a more robust, yet streamlined way.”

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Developments at Finicity

Salt Lake City, Utah-based Finicity collaborates with financial institutions as well as disruptive fintech providers to help improve financial literacy.

Mastercard snapped up Finicity in a $825m deal last year.

Earlier this year, US-based financial services firm SWBC entered into a partnership with Finicity.

Under this partnership, SWBC will use Finicity’s open banking platform Finicity Pay for instant account validation of online Automated Clearing House (ACH) payments.

Last year in August, Canadian lender TD Bank Group reached a North American data-access agreement with the open banking solutions provider.