Xactus Partners with Plaid to Enhance Mortgage Verification Solutions

Xactus and Plaid Join Forces for Improved Verification Solutions

Xactus has revealed an exciting strategic partnership with Plaid, a prominent player in the financial data network sphere. This collaboration aims to integrate Plaid's advanced Verification of Assets (VOA) solution with Xactus360, marking a significant enhancement in the offerings of the Intelligent Verification Platform. This cutting-edge partnership is set to empower mortgage lenders by streamlining the verification process while ensuring compliance and security.

Enhancing Intelligent Verification Capabilities

The integration of Plaid's VOA into the Xactus360 platform paves the way for lenders to utilize a familiar and reliable account linking interface. With consumer consent, mortgage lenders can access comprehensive asset reports that highlight financial activities over the past two years. This information includes categorized inflows and outflows, average account balances, and asset-derived income, which are critical components for assessing a borrower's financial health.

Driving Efficiency through Technology

With the use of Plaid’s trusted technology, lenders can achieve conversion rates as high as 80% when utilizing digital lending solutions. Xactus' Chief Strategy Officer, Thomas Lloyd, emphasized the importance of this partnership, stating that it arms lenders with another robust option for fast and effective verification methods. This integration promises to enhance lender and consumer experiences alike, as it simplifies the verification process.

Transforming Risk Assessment in Lending

Jonathon Gurwitz, Credit Partnerships Lead at Plaid, remarked on how consumer-permissioned real-time data is significantly reshaping the landscape of risk assessment in lending. By working alongside Xactus, Plaid is making this essential data more accessible to mortgage lenders, effectively facilitating instant asset verification and improving operational efficiency while enhancing the overall borrower journey.

Streamlining Processes for Lenders

Lenders leveraging Xactus360 will find Plaid's VOA solution seamlessly integrated into their established workflows. This enhances not only asset verification but also complements credit, income, and employment verifications, all aimed at refining the loan decision-making process. Moreover, the solution align with industry standards, ensuring compatibility with essential validation services like Fannie Mae's Desktop Underwriter and Freddie Mac's Loan Product Advisor.

Fostering Better Mortgage Decisions

Mike Brown, Chief Product Officer at Xactus, expressed that their mission has always been to enable lenders to make more informed mortgage decisions promptly. He views the partnership with Plaid as a pivotal step towards reducing cycle times and operational costs while ensuring GSE eligibility requirements are met. This integration presents a comprehensive solution for lenders, allowing them to validate all necessary information in a single platform.

A Commitment to Innovation

This partnership underscores Xactus' dedication to innovation and flexibility for its clients. Through continuous development of its Intelligent Verification Platform, Xactus is expanding its offerings and enhancing customization options, enabling clients to tailor workflows that best meet their unique business needs.

Redefining Mortgage Verification Standards

With ongoing advancements in technology, Xactus is committed to redefining what's achievable in mortgage verification. By collaborating with industry leaders like Plaid, Xactus continues to push the boundaries of what's possible, ensuring mortgage lenders have access to the best tools available for efficient decision-making.

Frequently Asked Questions

What is the purpose of the partnership between Xactus and Plaid?

The partnership aims to integrate Plaid's Verification of Assets solution into Xactus360, enhancing the verification capabilities for mortgage lenders.

How does Xactus360 benefit from this integration?

The integration allows Xactus to provide lenders with a more efficient and streamlined verification process, combining various verification methods within one platform.

What advantages does Plaid's technology offer to lenders?

Plaid’s technology provides a secure, efficient account linking experience that leads to higher conversion rates and improved transaction efficiency.

Can lenders use Plaid's solutions with other verification processes?

Yes, lenders can utilize Plaid's VOA alongside other verifications like credit and income checks within the Xactus360 environment.

How does this partnership align with Xactus’ goals?

This collaboration represents a significant step toward enabling lenders to make better, faster mortgage decisions while optimizing their operational efficiency.

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