FinLocker Offers Free Borrower Verification For LOs

Financial fitness and homeownership platform FinLocker will cover 100% of verification costs for consumers using lenders’ FinLocker-powered apps.

That could mean up to $280 in savings for the loan origination process, company leaders say.

Verification of income, employment, and assets is a costly step that is getting more expensive over time. FinLocker says it will eliminate verification costs at all stages of the mortgage journey, from pre-qualification and underwriting to final re-verification before closing.

“After 28 years in mortgage technology, I’ve been committed to one goal: helping more Americans achieve homeownership,” said Henry Cason, CEO of FinLocker. 

“The current verification system creates unnecessary friction and passes significant costs to consumers. By covering these expenses, we’re creating a rising tide that lifts all boats — consumers get more affordable mortgages, lenders reduce expenses and close loans faster, and our industry takes another step toward truly digital mortgages. This is about fundamentally transforming how the mortgage ecosystem works together.”

Lenders taking advantage of this offer can expect lower origination costs, faster loan decisioning with direct-sourced data, and reduced friction in the approval process. LOs can then get a leg up in the market by passing those savings on to clients.

Borrowers, meanwhile, benefit from reduced closing costs and a simpler, more transparent mortgage experience.

Underwriters also win thanks to FinLocker’s direct-source verification process, an approach that enables borrowers to securely connect to their financial accounts at over 18,000 institutions and share verified income and employment records directly with lenders. 

“FinLocker’s no-cost verification is a game-changer for our business,” said Steve Majerus, CEO at Synergy One Lending.

“Not only does it help us reduce origination costs and pass real savings to borrowers, but it also strengthens the value of our S1 FinFit platform. By embedding this technology, we’re making our homebuyer funnel even stickier—keeping borrowers engaged from financial preparation to closing. This is exactly the kind of innovation the mortgage industry needs right now.”