Oct. 29, 2018 –
Vendor Surf is pleased to announce a new vendor partner to its vendor search engine, FinLocker.
Drive business before purchase, streamline origination and maintain relationships post closing.
Share a reusable financial locker with the borrower
Electronically analyze asset, employment and income data driven by FinLocker's rules engine
Maintain the relationship through the reusable financial locker
FinLocker: From LEAD to LOAN to CUSTOMER FOR LIFE
Financial Institutions can invite their consumers to create a personal Financial Locker and utilize its financial management tools to manage their financial life and plan for life events. Consumers benefit from features such as: cash flow analysis, budgeting, credit score and monitoring, property value with comparable sales, goal planning, net worth, education videos as well as a document storage portal. With the consumer’s consent, FinLocker accesses online financial information from the sources of the consumer’s choosing, including bank statements, brokerage statements, credit card statements, tax information, and other financial data. Using FinLocker, the lender can then both access consumer-consented data and order additional consumer-related information (e.g. tax transcripts) via a secure online platform. That data can then be pushed into existing point of sale, or other business systems. Today, many lenders are purchasing FinLockers for prospects that may be months or years away from being ready to purchase or refinance. Lenders can use the FinLocker for lead generation, retention and education.
FinLocker is also a consumer-enabled financial data platform that gives lenders access to critical borrower information, with the borrower’s consent, via a trusted 3rd party that can be used to streamline the origination and underwriting processes for mortgages and other financial products. It reduces costs, time, and risks for all participants in the loan life-cycle, while expediting the data collection, verification, and analytics processes. The consumer can also use FinLocker to manage their personal finances. with affordability, budgeting. loan scenarios and financial management tools. FinLocker allows the lender to remain top of mind with the consumer through this platform
FinLocker applies business rules and analytics to provide actionable information that can be utilized by lenders, servicers, investors, and the consumer. FinLocker allows the consumer to easily manage their financial data and share it for many types of loans and financial products at their discretion.
FinLocker can help streamline the lending process with:
- Real-time verification of financial data with access to over 18,000 financial and other data sources
- Automated review of financial data backed by a powerful rules engine to identify gaps in loan processing and underwriting with an automated collaboration platform for applicant’s quick response
- Income data is automatically populated into a robust worksheet and calculated for the lender, reducing errors and turn times
- Consumers are given unprecedented insight into and control over the data they share
- Multiple layers of security and rigorous controls protect both consumer and lender data
"Lenders are realizing the value of FinLocker before the mortgage transaction takes place, working to create a homeowner in the making. Once ready, the borrower shares their data with the lender who can utilize FinLocker’s analytics and rules engine. FinLocker remains with the consumer post-close, creating a customer for life.” said Eric Bloomquist, Chief Product Officer. "We are excited to be a part of the Vendor Surf network and look forward to the benefits that Vendor Surf offers."