Mastercard powers the first verification reports integrated into ICE Mortgage analyzers

ICE Mortgage Technology is expanding its collaboration with Finicity, a Mastercard company, by introducing a new integration that seamlessly brings digital verification reports into the ICE’s Mortgage Analyzers solution. Lenders can now unlock even greater value from Mastercard’s verification reports across the ICE mortgage technology stack.

The initial rollout includes support for Mastercard’s Verification of Assets and Income (VOAI) and Verification of Assets (VOA) reports, available in a limited capacity as part of ICE’s 26.1 Major Release in March. Future releases will enhance the integration to include additional Mastercard Mortgage Verification products.

This marks the first use of digital asset data in ICE’s Mortgage Analyzers, with Mastercard’s verification reports leading the way to enhance and streamline asset verification and validation.

By integrating verification reports and pulling source data directly from financial institutions, lenders gain insights into loan file issues much faster, with less manual effort and reduced risk of errors.

This enhancement can help improve loan quality, boost operational efficiency, and maximize the value of existing technology investments.

Once a mortgage applicant consents to data sharing and a report is generated, Asset Analyzer automatically calculates assets and reserves and flags large deposits. Underwriters can then review the Asset Analyzer results and address issues or recommendations to improve loan file accuracy and quality.

This integration also includes the pre-close refresh of the data, which is free to the lender and borrower, as long as it is within 60 days of the initial account linking. This refresh allows all linked accounts and calculations within Asset Analyzer to get a complete refresh prior to close. The availability of this data within Asset Analyzer can help identify applicants who may have shifted funds around prior to close.

According to a study by independent research firm MarketWise Advisors, LLC, ICE Mortgage Analyzers have been shown to save nearly four hours per loan by collecting and analyzing data automatically and providing an exception-based workflow that highlights only what needs attention. 

Lenders who already use Mastercard’s verification reports and are licensed to use ICE Mortgage Analyzers will have access to the enhanced integration at no additional cost once the solution is generally available. To use the new workflow, lenders must be subscribed to both solutions.

To learn more about ICE’s Mortgage Analyzers solution or to request more information visit the ICE Mortgage Technology website. To sign up for Mastercard verification reports, email mortgage.analyzer@mastercard.com. 

Mastercard currently has six verification reports for verification of assets, income and employment available in Encompass and Encompass Consumer Connect.