#USA #Philadelphia #Mortgage #Plaid #Xactus

Xactus and Plaid: A Game-Changing Partnership in Mortgage Verification

Xactus, a prominent fintech firm recognized for its innovative verification solutions, has recently announced an exciting strategic alliance with Plaid, a well-established global financial data network. This partnership is set to introduce Plaid's Verification of Assets (VOA) solution into Xactus360, enhancing the range of verification options available to mortgage lenders.

Revolutionizing Mortgage Processes

With the goal of improving the mortgage verification experience, this collaboration will provide lenders with streamlined access to Plaid's FCRA-compliant VOA solution. Integrating Plaid's capabilities into the Intelligent Verification Platform will enable lenders to utilize a secure account linking process that boasts conversion rates reaching an impressive 80%.

Upon receiving consumer consent, lenders can access a thorough VOA report. This comprehensive report includes crucial information such as inflows and outflows from bank accounts over the past two years, average account balances, and asset-derived income. All of this is accomplished while maintaining strict compliance and data integrity throughout the mortgage process.

Thomas Lloyd, Chief Strategy Officer at Xactus, highlighted the significance of this partnership, stating that, "Plaid is one of the most recognized and trusted fintech platforms worldwide, with its verification technology used by half of all Americans with bank accounts. By integrating Plaid's VOA solution into Xactus360, we provide lenders with powerful tools to facilitate quicker and smarter verification processes for both lenders and consumers."

Meeting the Needs of Modern Lenders

As the landscape of lending evolves, so too do the expectations of mortgage lenders. Jonathon Gurwitz, Plaid's Credit Partnerships Lead, emphasized that real-time, consumer-permissioned data is transforming how lenders evaluate risk and support borrowers. "Partnering with Xactus allows us to make digital verification more accessible, enabling our joint clients to validate assets quickly, enhance operational efficiency, and ultimately close loans faster," he remarked.

The integration of Plaid's VOA solution directly into Xactus360 will empower lenders to streamline their workflows. This will not only improve the processing efficiency but also ensure compatibility with essential tools like Fannie Mae's Desktop Underwriter® (DU®) and Freddie Mac's Loan Product Advisor® (LPA®).

Continuous Innovation in Mortgage Verification

Xactus continues to expand its reach and capabilities within the mortgage industry. The strategic alliance with Plaid marks a significant stride towards establishing Xactus360 as a pivotal platform in the regulatory landscape of mortgage verification. Mike Brown, Chief Product Officer at Xactus, stated, "Our objective is to enable lenders to make better and faster mortgage decisions. This partnership with Plaid is an essential step towards that goal, helping reduce cycle times and costs while complying with GSE eligibility requirements."

The collaborative venture aims to simplify the complex verification process for lenders. By allowing them to verify all necessary aspects in one integrated platform, Xactus is paving the way for efficient mortgage processing.

Conclusion

In conclusion, the union of Xactus and Plaid epitomizes a significant advancement in the mortgage verification domain. With utmost commitment to innovation, Xactus is reshaping the standards of what can be achieved in asset verification, ensuring that lenders are equipped with the best tools for their clients. As this partnership unfolds, it is clear that the journey of Intelligent Verification is just beginning, promising a future of enhanced efficiency and effectiveness in the mortgage lending industry.

For those looking to understand more about Xactus and its services, further information is available on their website, xactus.com.