Case Study: Intercoastal Mortgage streamlines mortgage approvals with Finicity

A Seamless Digital Mortgage Experience with Affordable Income and Employment Verifications

Intercoastal Mortgage sought to minimize the stress and paperwork burden for its mortgage applicants, a process that often involved gathering numerous documents and could lead to significant delays. To address this challenge and reduce loan origination costs, the company partnered with Mastercard Open Banking, utilizing its Verification of Income and Employment (VOIE) service provided by Finicity.

Mastercard implemented a solution that integrated VOIE directly into Intercoastal's digital loan application via nCino Mortgage. This allowed borrowers to permission access to their payroll data, which then automatically populated the application, eliminating manual uploads and data entry. As a result, Intercoastal reduced its closing times to just one or two weeks from an industry standard of 45 days, drove down costs with a more affordable verification method, and gained representation and warranty relief through its partners, Fannie Mae and Freddie Mac.

Intercoastal Mortgage

Josh Cilman

Executive Vice President