FinLocker and Argyle partner to integrate consumer-enabled income and employment data – NMP

The partnership will integrate employment and income data into its financial health app to help consumers qualify for a mortgage. This partnership will allow consumers to securely connect their payroll data from over 110 million U.S. employers directly into their FinLocker app, allowing consumers to present themselves to their financial institution as verified borrowers, with their identity, their jobs, income, credit and assets confirmed in their application, according to companies.

The Argyle and FinLocker partnership was created to enhance a consumer’s experience with their FinLocker app. Mortgage lenders, banks and credit unions will now have access to consumers with verified identification, income and payroll data, in addition to existing asset and liability data currently provided by consumers’ financial institutions. Consumers can share this data directly from their FinLocker to initiate mortgage application.

“Mortgage decisions are based on a lender’s ability to verify a borrower’s identity, employment, income, credit and assets. However, this often laborious process often requires the borrower to provide multiple documents to their lender, which causes friction and slows down the decision-making process, ”said Henry Cason, CEO of FinLocker. “We chose to partner with Argyle to improve FinLocker’s data verification process as they align with our mission of enabling borrowers to leverage their consumer-authorized financial data to access mortgages impartially. and more efficient. “

“Many workers are excluded from upward financial mobility because data on income and employment have always been difficult to manage, store and track – and equitable access remains elusive. The FinLocker-Argyle partnership gives lenders accurate, real-time visibility into income and employment data so they can mitigate risk and securely deliver valuable mortgage and refinancing services to more people, ” said Shmulik Fishman, CEO and Founder of Argyle. “We are at the forefront of a monumental shift towards more equitable and user-authorized standards for mortgages to help people achieve their dreams of buy a new home or get refinancing.

By accessing income and employment data directly from the payroll system, Argyle says it can eliminate significant friction, like manual document downloads or job verification phone calls, both for borrowers and loan processing teams. This could potentially mean shorter turnaround times for mortgage lenders, banks and credit unions, and instant checks for more than 70% of the US workforce.

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