Pulte Mortgage and Finicity Partner to Combat the Home Loan Paper Chase
April 10 2019 - 8:00AM
Business Wire
Advanced technology reduces asset verification
process from weeks to minutes
Pulte Mortgage announced today it is partnering with Finicity —
a leading provider of real-time financial data access and insights,
to provide its borrowers with a faster, simpler and more secure way
to navigate the home financing process. Pulte Mortgage is a
wholly-owned subsidiary of PulteGroup, Inc. (NYSE: PHM) that
finances new home construction for customers of Pulte Homes,
Centex, Del Webb, DiVosta, and John Wieland Homes and Neighborhoods
brands.
As anyone with a mortgage knows, securing a home loan has
historically been a manual, paper-intensive process—especially when
it comes to verifying borrowers’ assets. Through Finicity’s
verification platform, up to 24 months of bank, brokerage and 401k
data can now be accessed to confirm assets within
minutes—eliminating the need for borrowers to find, copy and scan
reams of paper verifications. This can reduce the mortgage
origination time by more than a week, giving borrowers more control
of the process, without a lot of the hassle.
Although the mortgage process has drastically improved over the
past decade for borrowers and lenders alike, it hasn’t always been
this way. “The mortgage lending industry has changed dramatically
over the decades, but never more so than over the past 10 years,”
said Debra Still, president and CEO of Pulte Mortgage. “The average
loan file used to be about 300 pages, but today’s regulatory and
compliance demands have pushed this figure to more than 800 pages.
The need for ever-increasing volumes of supporting data puts an
incredible burden on the borrower, which is why we strategically
invest in integrated technology solutions, like Finicity, to reduce
the time and complexity associated with securing a mortgage.”
The partnership with Finicity is just the latest in Pulte
Mortgage’s commitment to advance technology solutions that make it
easier and more transparent for borrowers navigating the mortgage
process. In addition to their new instant asset verification
feature through Finicity, Pulte Mortgage customers can upload
essential documentation from their mobile device with just the snap
of a picture; e-sign key regulatory disclosures with the swipe of a
finger; and leverage a personalized digital dashboard to stay
up-to-date on their loan’s progress when and where they want. These
digital enhancements strengthen data security by leveraging
advanced authentications, bank-level encryptions and secure
borrower connections.
“Today’s consumers have come to expect simple and rapid
experiences enabled by digitization,” said Steve Smith, CEO of
Finicity. “Pulte is an innovator that is embracing digital
solutions to further deliver a superior borrower experience by
giving their loan consultants more time to engage with their
buyers.”
“Whether it’s your first house or your last, building a new home
is an exciting process,” added Still. “It is a time where you get
to create a space that is uniquely personalized for your lifestyle
and taste. That is why we are continuously working to simplify home
financing for our customers, so they can spend more time focusing
on building their dream home.”
About Pulte Mortgage:
Pulte Mortgage is a wholly-owned financial services subsidiary
of PulteGroup, Inc. (NYSE: PHM) that solely focuses on the
financing of new construction homes for customers of Pulte Homes,
Centex, Del Webb, DiVosta, and John Wieland Homes brands. Founded
in 1972, Pulte Mortgage has financed more than 700,000 homes from
coast-to-coast while offering borrowers more than 200 different
home loan solutions. Pulte Mortgage works hand-in-hand with the
homebuilder to allow a closely-coordinated, streamlined financing
experience that never misses a beat. To learn more about Pulte
Mortgage and the services they offer, visit
https://secure.pultemortgage.com/. (Equal Housing Lender - Company
NMLS #1791)
About Finicity:
Finicity’s mission is to help individuals, families and
organizations make smarter financial decisions through safe and
secure access to fast, high-quality data. The company, which
launched its first financial product in 2000 and has since grown to
provide financial data APIs, credit decisioning tools and financial
wellness solutions, partners with influential financial
institutions and disruptive FinTech providers alike to give
consumers a leg up in a complicated financial world. Finicity was
awarded API World’s 2016 Finance API of the Year and is a 2018,
2019 HousingWire Tech100 winner. To learn more or test drive its
API, visit www.finicity.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190410005080/en/
Julia Ostlund414-635-2725julia@reputationpartners.com
Macey Kessler404-978-6414Macey.Kessler@PulteGroup.com
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