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Lenders using this solution
The Problem
Lenders struggle to gain a holistic picture of loan applicants due to the amount of manual work and time it takes to collect accurate data from multiple sources. Applying for a loan is also an overwhelming process for most borrowers.
The Solution
Plaid helps lenders make informed decisions through instant connectivity to source data, a seamless user experience, and automation that drives operational efficiency across the lending process.
Plaid across the lending process
Verify applicants’ identities at loan application without adding friction
Seamlessly verify identities
Identity Verification is the lowest friction identity verification experience, helping you fight fraud and handle KYC requirements.
Manage AML compliance
Monitor helps you stay compliant with ongoing AML screening with fewer false-positives and manual reviews.
Build a comprehensive, simple, and fast underwriting process
Access bank account information
Assets provides a fast and up-to-date view of a borrower’s bank accounts, allowing you to verify assets and account ownership in seconds.
Plaid is a certified Day 1 Certainty™ asset verification report supplier for Fannie Mae’s Desktop Underwriter® and Freddie Mac’s Loan Product Advisor® Asset and Income Modeler (AIM).
Verify income and employment
Income helps you verify anyone's income and employment with the most comprehensive, all-in-one product suite (Payroll, Bank, and Document Income).
Connect and verify accounts for loan disbursement and repayment
Instantly authenticate accounts
Auth instantly authenticates bank accounts for loan disbursement and repayment so you can set up ACH transfers from any bank and credit union in the US.
Check balances in real-time
Balance instantly checks whether borrowers have enough funds during loan repayment, protecting against overdraft and NSF fees.
The cash flow data that customers make accessible through Plaid allows us to better manage credit risk. With a more complete financial picture, we're able to evaluate individuals more accurately than traditional credit scoring alone and bring more people into the credit system.