Open banking under pressure: What new data access models could mean for mortgage verification

Open banking was designed to give consumers control over their financial data and permissioned access across platforms. Aggregators act as bridges between financial institutions and fintechs, enabling mortgage verification and other services. Financial institutions are reassessing who can access data because of operational, security and compliance costs required to maintain infrastructure. Some argue platforms that use another institution’s data should share technical and financial responsibility. Reframing emphasizes balancing innovation with infrastructure accountability while preserving competition. Fee-based or more selective access could create hurdles for smaller fintechs. Mortgage verification tools tied to Fannie Mae and Freddie Mac depend on fast, reliable consumer-permissioned data and transparent aggregator-bank partnerships.

Open banking was built on the idea of consumer empowerment, allowing individuals to control their financial data and permission access across platforms. Aggregators have long facilitated that access by serving as the bridge between financial institutions and fintech platforms, including mortgage verification tools. At the same time, financial institutions are reassessing how data is accessed and by whom, especially in light of the operational, security and compliance investments required to maintain that infrastructure.

Some argue that if a platform provides value to consumers using data from another institution's environment, then shared responsibility should extend to both the technical and financial aspects. This reframing does not dismiss the open banking model. Rather, it emphasizes the need to balance innovation with infrastructure accountability. Still, many in the industry are concerned that if access becomes fee-based or more selectively governed, smaller fintechs could face new hurdles.

The implications for mortgage lenders are tangible. The income, employment and asset verification tools that lenders useparticularly those aligned with Fannie Mae's Day 1 Certainty and Freddie Mac's Asset and Income Modeler (AIM)depend on fast, reliable access to consumer-permissioned data through open banking connections. Many platforms rely on aggregator-bank connections to reduce borrower friction, speed up verification and improve completion rates. These performance benefits depend on well-maintained, transparent partnerships between technolo

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