As Millennials come into the home buying scene, the housing industry needs to be prepared. They represent the largest segment of will-be buyers in the next few years. However, their challenge is financing. These two groups have partnered to grease the skids - enabling Millennials to buy and builders to build.
Aiming to make the mortgage process easier for lenders and consumers alike, Experian announced that it is partnering with Finicity to digitize the mortgage underwriting process.
According to Experian, the partnership will allow loan approvals in as little as 10 days, and open up the credit box to roughly 64 million consumers who have limited or no traditional credit history.
Through the partnership, consumers can also provide income and asset information to lenders digitally through Finicity’s more than 16,000 integrations with financial services institutions.
For consumers, the partnership can “save hours of hassle completing onerous paperwork,” the companies said.
For lenders, the partnership brings automated, paperless income verification system and “instantaneous” asset verification.