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Home Lending Pal uses Trinsic to make the mortgage application process faster and more secure for homebuyers and lenders.
Home Lending Pal is an AI-powered mortgage advisor that makes the home buying process easier than ever. With Home Lending Pal, homebuyers can:
Instead of having to navigate the various steps in getting approved for a mortgage alone, homebuyers use Home Lending Pal to streamline the process, giving them access to the same information that an underwriter will have when writing their loan—all in one place.
When applying for a mortgage, homebuyers must gather and submit a large amount of personal information. Relying parties such as loan officers, mortgage brokers, lenders, and underwriters require information on the homebuyer’s identity, credit history, employment, income, property, assets, debts, etc.. Homebuyers often have to go through the hassle of printing out, scanning, and/or emailing these documents multiple times (e.g., if a homebuyer wants to apply to three different lenders to see which one approves). The more times a homebuyer shares their personal information, the more likely it will be compromised.
Additionally, lenders are wasting significant time and resources verifying homebuyers’ information when trying to identify leads and when underwriting. On average, it costs about $1,200 for a lender to be able to identify a qualified lead. And even if lenders purchase a lead from a standard lead generator, they have a 3% success rate.
Home Lending Pal knew there had to be a better way that protected the homebuyer’s personal information and simplified the verification process for lenders and other relying parties.
The Home Lending Pal team realized that decentralized identity enabled the future of the home-buying process that they were envisioning. Home Lending Pal chose Trinsic as its partner to implement decentralized identity to do the following:
Through Home Lending Pal, every homebuyer is given a digital wallet. Within this wallet, homebuyers store their credentials that contain all the information needed when applying for a mortgage. From the wallet, homebuyers can easily and securely send these credentials to lenders, and lenders can instantly verify that information without having to communicate with the original issuing entity.
For example, one of Home Lending Pal’s data providing partners is Experian, a credit reporting agency. Home Lending Pal and Experian are piloting the process of providing a credit reporting credential that would be sent to homebuyers’ wallets. Then, homebuyers could send their credit reporting credential to lenders at a click of a button to prove their FICO® Score. Because Experian is a verified data provider in the Home Lending Pal network and would be providing that credential directly, lenders could trust that there’s no additional discovery that needs to occur and could continue on with the underwriting process.
Home Lending Pal decided to partner with Trinsic because of Trinsic’s ease of use, commitment to standards, and its reputation in the decentralized identity space. Trinsic provides Home Lending Pal not only the resources they need to be successful but also the flexibility to build a solution that best serves their network participants.
If you are interested in learning more about how Dentity can improve the way identity data is exchanged between you and your consumers, sign up for a free Dentity account or contact the team. The Dentity OpenID Connect (OIDC) app, which allows businesses to verify verifiable credentials held by Dentity users, is now available as an integration in the Auth0 Marketplace.
Additionally learn more about Dentity’s success straight from its Co-founder & CEO Jeffrey Schwartz on Trinsic’s podcast ‘The Future of Identity’.
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