Argyle enhances its Innovation and Expansion verification system by integrating Mastercard's Open Finance technology.
In a significant development for the lending industry, Argyle, a leading service provider, has announced the availability of verification of assets powered by Mastercard's Open Finance technology. This integration aims to streamline asset, income, and employment verifications for lenders, providing a unified, efficient, and comprehensive solution through a single provider [1][3].
The new offering pairs direct-source banking data from Mastercard's U.S. Open Finance arm Finicity with Argyle's payroll connections, enabling lenders to confirm borrowers’ balances, cash-to-close amounts, cash-flow history, income, and employment data all in one platform [1][3].
Key benefits of this solution include:
1. **Frictionless Delivery**: Verifications can be embedded directly into the loan application process at the point of sale (POS), allowing lenders to quickly and efficiently evaluate borrowers without delays. Reports are generated within seconds in a format accepted by Government-Sponsored Enterprises (GSEs), facilitating compliance and faster underwriting [1][3].
2. **Comprehensive Borrower Financial Insights**: The platform provides up to 24 months of transaction history, including rent payment history and cash flow trends, expanding traditional credit evaluation methods. This helps lenders assess credit risk more accurately, especially for first-time homebuyers or those with limited credit history [1][3].
3. **Reduced Manual Document Collection**: By consolidating asset, income, and employment verifications into a single system, lenders minimize the need for borrowers to submit physical documents, thereby accelerating the verification process and reducing administrative burdens [1][3].
4. **Centralized Support and Streamlined Workflows**: Argyle offers a centralized support team that manages all verification types (payroll, banking, document-based), ensuring smooth operation and reliable service for lenders. This unified approach maximizes verification waterfall conversion rates and improves efficiency across lending operations [1][3].
5. **Enhanced Borrower and Lender Experience**: The digital, seamless verification process meets the expectations of both parties for fast and efficient service, expanding access to credit for underserved populations and improving overall loan processing speed and quality [1][3].
John Hardesty, vice president of mortgage at Argyle, stated that this expansion of Argyle's platform enables customers to satisfy every major verification requirement - income, employment, and assets - through one streamlined relationship [2]. The collaboration between Mastercard and Argyle broadens opportunities for credit access for traditionally underserved individuals.
The expanded offering aims to maximize verification waterfall conversion for lenders. Mastercard, as the headline partner of Open Banking Expo USA on June 26 in New York, will showcase this innovation in digital verification processes [4]. VOA (Verification of Assets) is available immediately to new and existing Argyle customers across mortgage, tenant screening, and personal lending [3].
References: [1] Mastercard News Centre. (2023). Mastercard and Argyle Partner to Simplify Loan Verification Process. Retrieved from https://newsroom.mastercard.com/us/en/press-releases/mastercard-and-argyle-partner-to-simplify-loan-verification-process/ [2] Argyle. (2023). Argyle Expands Platform with Verification of Assets Powered by Mastercard's Open Finance Technology. Retrieved from https://www.argyle.co/press-releases/argyle-expands-platform-with-verification-of-assets-powered-by-mastercards-open-finance-technology/ [3] Finicity. (2023). Finicity and Argyle Partner to Streamline Asset, Income, and Employment Verifications. Retrieved from https://www.finicity.com/news/finicity-and-argyle-partner-to-streamline-asset-income-and-employment-verifications/ [4] Open Banking Expo USA. (2023). Mastercard to Headline Open Banking Expo USA 2023. Retrieved from https://www.openbankingexpo.com/news/mastercard-to-headline-open-banking-expo-usa-2023/
- The new partnership between Argyle and Mastercard leverages technology to offer comprehensive borrower financial insights, using data from Finicity's U.S. Open Finance arm to provide up to 24 months of transaction history.
- The integration of openbanking technology into Argyle's platform aims to provide businesses in the finance industry with insights and trends, streamlining the verification process for assets, income, and employment.
- At the upcoming Expo, Mastercard is expected to demonstrate how their collaboration with Argyle is revolutionizing the loan verification process, particularly with the new Verification of Assets (VOA) offering.
- The VOA service is set to improve collaboration and finance opportunities for businesses, especially for traditionally underserved individuals, by maximizing verification waterfall conversion rates.
- With the launch of VOA, Argyle is positioning itself as a key player in the digital transformation of the lending industry, offering a unified solution that meets the expectations of both borrowers and lenders for quick, efficient, and technology-driven services.
