Finmo has been built to improve the borrower experience first. We learned that providing the liabilities was a very painful experience for the borrower, and the details were rarely accurate. So, as our product first looks at improving the borrower experience, and then helping the mortgage professional experience 2nd, removing the request for liabilities was the decision made by our mortgage professional advisory group.
We also learned from our mortgage professional advisory group that they did not trust the liability information the mortgage professional received from their borrower, as the data was unreliable. So most professionals were deleting the liabilities and copying over the details from the bureau, as they miss out on opportunities. A borrower may say they have 15,000 on a line of credit but they only have 1500, which dramatically changes a deal. We have found that the errors on liabilities have been both ways: borrower over-estimating and under-estimating.
As you know, once you check a credit report you can press one button to automatically copy all the liabilities to the application in Expert so you don't need to manually enter all the details into the liabilities section. You can also pull a credit bureau in Finmo if you are submitting the deal directly to a lender in Finmo. To learn more, click here
We have no intentions at this time of asking a borrower to provide liabilities as it has not been a common request from our users, however, we are adding spousal and child support liability section.
Consumers are evolving - they care very little about making a mortgage professional's job easier, they care about a simple an easy experience. This is why we built Finmo in the way we have - because this is what consumers are demanding and this is how the banks are building their direct to consumer digital applications.