Top 5 LendFoundry Integrations for Streamlined Credit and Account Verification
Lenders face many challenges when it comes to verifying borrower information. To make this easier, LendFoundry, the best loan origination system and loan servicing system, works with advanced third-party tools. These tools help lenders check income, bank accounts, business details, and more. This blog will give you deep insights about five top integrations that improve lending decisions, reduce risks, and speed up loan approvals.
Finicity: Quick Income and Employment Verification
One big challenge for lenders is checking a borrower’s income and job status. This process can take time and cause delays in loan approvals. With Finicity, lenders can quickly verify this information. Finicity pulls data directly from banks or employers with the borrower’s consent.
Here’s why Finicity helps:
- Fast data access: Borrower income and job status are verified in real-time.
- Less fraud: Data comes directly from trusted sources, reducing fraud risks.
- Easy integration: It works smoothly with LendFoundry, making the process faster.
Finicity gives lenders the tools to approve loans more quickly, saving time and money.
Read The Full Blog Here: Credit Decisions Made Easy: Leveraging Finicity's Data for Instant Verification
Plaid: Better Bank Account Verification
Another common problem lenders face is verifying a borrower’s bank account details. With Plaid, this process becomes automatic and much quicker. Lenders can check bank accounts without manually gathering information. Plaid also keeps an eye on account activity to spot any suspicious behavior.
Key benefits of Plaid:
- Instant verification: Bank accounts are checked in real-time, speeding up loan approvals.
- Fraud detection: Plaid helps catch unusual account activity, reducing the risk of fraud.
- Less manual work: Lenders save time as Plaid automates account verification.
By using Plaid, lenders can process loans faster and with more confidence.
Read The Full Blog Here: Boosting Lender Efficiency: How Plaid's Bank Transaction Analysis Transforms Account Verification
Holistic Business Reports: A Full Picture for Lenders
Traditional credit reports often don’t tell the whole story about a borrower’s financial health. Holistic business reports provide a more complete view of the borrower’s financial status, performance, and risks. This helps lenders make smarter lending decisions.
Why holistic reports matter:
- Comprehensive data: Lenders get a full financial picture, not just credit scores.
- Real-time updates: Reports provide current financial data for better decision-making.
- Better risk assessment: Lenders can assess risk more accurately and avoid defaults.
These reports help lenders make more informed lending decisions and lower the risk of bad loans.
Read The Full Blog Here: How Can Holistic Business Reports Empower Lenders to Make Informed Decisions?
ViewDNS: Verifying Domain Ownership
Accurate data is essential for lenders. ViewDNS helps verify domain ownership, which is another way to check the legitimacy of a borrower’s business. This integration gives lenders an extra tool to ensure they are dealing with trustworthy borrowers.
How ViewDNS benefits lenders:
- Quick verification: Domain ownership is confirmed instantly, helping with due diligence.
- Accurate data: Lenders get reliable information for better risk assessment.
- Automated process: The system automatically verifies domains, reducing human error.
With ViewDNS, lenders can trust the data they receive and make better lending decisions.
Read The Full Blog Here: Strengthening Lending Decisions with ViewDNS Integration
BizAPI: Industry Data and NAICS Code Verification
For lenders, knowing a borrower’s industry can help tailor loans to fit their needs. BizAPI helps lenders verify the borrower’s industry by providing real-time data and checking NAICS codes. This ensures that the business is classified correctly, helping lenders offer the right loan terms.
Key benefits of BizAPI:
- Industry-specific insights: Lenders can assess financial health based on the borrower’s industry.
- NAICS code verification: Businesses are classified accurately, reducing mistakes.
- Custom loan terms: Lenders can adjust loan offers based on industry trends.
BizAPI helps lenders reduce risks and offer more personalized loans based on accurate industry data.
Read The Full Blog Here: Optimizing Lending Decisions with BizAPI Integration
Better Lending Experience with LendFoundry’s Integrations
LendFoundry is a leading Loan Origination Software and Loan Servicing Software platform, helping lenders make smarter and faster lending decisions. With third-party integrations like Finicity for income verification, Plaid for bank account checks, and holistic business reports for full financial insights, lenders can streamline their operations. ViewDNS enhances security by verifying domain ownership, while BizAPI provides accurate industry data to tailor loan offers.
Together, these tools help lenders reduce risks, save time, and deliver a better borrowing experience—all while leveraging the powerful capabilities of LendFoundry’s platform.
