- Digital mortgage platform SimpleNexus has integrated with Finastra’s MortgagebotLOS.
- The bi-directional integration is designed to streamline the home financing process for both home buyers as well as lenders, credit unions, and banks.
- Finastra was formed in 2017 as the product of a merger between Misys and D+H.
Digital mortgage platform SimpleNexus has integrated with Finastra’s loan origination system for digital mortgage lending, MortgagebotLOS. The bi-directional integration will streamline home financing for both home buyers as well as the credit unions, banks, and lenders who cater to them. Homebuyers will be able to submit mortgage applications by smartphone or other Internet-connected device, and will benefit from being able to easily and securely scan and upload required documents. Automated mortgage loan milestone updates, courtesy of real-time data syncing between the two systems, notify homebuyers on their progress and point to next steps.
“The integration enables financial institutions to optimize their use of both platforms while providing borrowers with a seamless and supportive mortgage application process,” Finastra director of product management Mary Kay Theriault said. “Our goal is to equip lenders with the tools they need to stay ahead in any mortgage market.”
Ben Miller, SimpleNexus CEO, underscored the importance of the bi-directional integration of the two technologies. Miller noted that both homebuyers and lenders will benefit from improvements in convenience, efficiency, and overall usability with the new “from-anywhere digital mortgage application portal.”
Among the first banks to have deployed the technology are ChoiceOne Bank, based in Michigan, and Flanagan State Bank, based in Illinois. Both institutions have leveraged the integration to improve the navigability of the mortgage process for homebuyers as well as reduce manual and redundant tasks for loan originators and processing teams.
Founded as a merger between Misys and D+H in 2017, Finastra currently serves more than 8,100 financial institutions – including 45 of the world’s top 50 banks -across 130+ countries. The company offers solutions for lending and corporate banking, payments, treasury and capital markets, investment management, and banking-as-a-service.
Last month, Finastra announced a partnership with Open Finance company and fellow Finovate alum MX. The partnership will integrate MX’s PFM, insights, and account aggregation solutions with Finastra’s Fusion Digital Banking platform. Also in July, Finastra announced that it was working with European payments processing startup Salve Financial Hub and specialist mortgage lender and savings provider Melton Building Society.
Headquartered in London, Finastra maintains offices in Canada, Singapore, the UAE, and the U.S. Simon Paris is CEO.
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- Source: https://finovate.com/digital-mortgage-platform-simplenexus-integrates-with-finastras-mortgagebotlos/
