Self-branded “financial fitness” platform FinLocker announced Wednesday that it will cover 100% of the verification costs for mortgage borrowers who use lenders’ FinLocker-powered apps. The company calls the move an “industry-first initiative.”

According to data from the Community Home Lenders of America, verification of income, employment and assets typically costs up to $280 per mortgage application, a charge tacked onto others in an already-expensive transaction.

FinLocker details that the initiative will eliminate verification costs at all stages of the mortgage journey, from prequalification and underwriting to final reverification before closing.

FinLocker said that its announcement is the first step details ⇒

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