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Mortgage technology provider Xactus is making it easier for mortgage lenders to integrate what it’s billing as the industry’s first AI-powered “Intelligent Verification Platform” into their own platforms by publishing a full set of application programming interfaces (APIs).
Philadelphia-based Xactus, which provides income and employment verifications to lenders, says its Xactus360 Intelligent Verification Platform (IVP) is “a new class of technology.” Xactus360 uses AI to glean insights from verification data, allowing lenders to transform their workflows and make smarter decisions more quickly — “reducing waste, consumption, and costs,” the company claims.
Shelley Leonard
“Our IVP and decisioning logic enable different software systems to work together without friction, supporting cleaner interactions and integrations,” Xactus President Shelley Leonard said in announcing the launch of Xactus360 in February. “Intelligent Verification delivers the right data at the right time — empowering faster, more informed loan decisioning.”
To make it easier for lenders to integrate Xactus360 into their existing point of sale (POS) and loan origination systems (LOS), Xactus announced the launch of an open API portal Monday.
By publishing its full set of APIs, Xactus says it’s helping lenders expand the mortgage ecosystem, improve the customer experience, foster deeper partnerships and better collaboration, and improve scalability.
James Owens
“We are setting a new industry standard with the most complete, transparent, and developer-friendly API documentation available,” Xactus Chief Technology Officer James Owens said in a statement. “This portal is a testament to our commitment to being the easiest partner to integrate with, ensuring our customers have everything they need to seamlessly connect with us.”
In addition to income and employment verification, Xactus provides credit reports, credit score optimization, fraud detection and quality control, data solutions including portfolio monitoring, and an appraisal management solution.
Xactus this month announced a partnership with Fair Isaac, the provider of the widely used FICO Score, to make its FICO Score Mortgage Simulator available through Xactus360.
Lenders can use the FICO Score Mortgage Simulator to predict how actions their clients might take — like paying down credit card debt — could impact their credit score, potentially gaining access to more loan options and better interest rates.
“We are excited about being the first company to partner with FICO to introduce this important tool to the lending community,” Leonard said in a statement. “Our deep industry connections and experience with score simulation tools will play a key role in the simulator’s rollout and fostering its quick adoption.”
Mike Brown
Xactus — the company formed by the 2020 merger of Universal Credit Services, CIS Credit Solutions and Avantus — kicked off the year by naming former CIS CEO Mike Brown as its chief product officer. Brown, who had previously served as Xactus’ chief integration officer, serves on the board of the National Credit Reporting Association (NCRA).
In his new role, Brown will help shape Xactus’ product strategy and drive innovation to deliver “easy-to-configure, automated solutions that streamline workflows, reduce waste and facilitate intelligent decisioning,” Leonard said in a statement.
Xactus’ board of directors includes Williston Financial Group President and CEO Steve Ozonian (who also serves on loanDepot’s board), former Speaker of the House Paul Ryan, and three members of private equity firm Lovell Minnick Partners — Managing Partner Robert Belke, Partner Jason Barg and Principal Jason Klein.
With a focus on companies that provide financial technology and software, credit products, payments, insurance products, business services, and wealth and asset management, Lovell Minnick Partners has raised more than $5 billion since 1999, typically investing between $40 million and $150 million in each of the companies in its portfolio. Companies in Lovell Minnick Partners’ portfolio include ATTOM Data Solutions, Inside Real Estate and SRS Acquiom.
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