Case Study: Tomo Mortgage achieves faster mortgage approvals with Mastercard and Finicity

Tomo Mortgage - Customer Case Study

Tomo Mortgage, a digital-first non-bank mortgage lender, sought to modernize the stressful, manual, and error-prone process of applying for a home loan. Their challenge was eliminating the inefficiencies of consumers having to gather and upload financial documents, a legacy practice that caused delays, frustration, and risk for homebuyers. To address this, Tomo turned to Finicity, a Mastercard company, and its Mortgage Verification Service.

By implementing Finicity's open banking solution, Tomo enabled borrowers to securely and digitally link their financial accounts for immediate verification of assets and income. This solution drastically reduced manual back-and-forth by four to five requests per consumer and cut the average time for final mortgage approval to 20 days, far below the industry standard. The partnership with Finicity also provided a more accurate, real-time view of applicant finances, helping to secure better interest rates for consumers and achieve an exceptional net promoter score of 84%.

Tomo Mortgage

Carey Schwaber Armstrong

Co-Founder and Chief Operating Officer