Data aggregation and analytics platform provider Envestnet-Yodlee has created a new automated mortgage asset verification product.
The tool uses Envestnet-Yodlee’s data aggregation platform to get real-time account and transaction data straight from financial institutions. The data collected will demonstrate a consumer’s cash and investment assets, which reduces the need for prospective borrowers to provide account statements.
“For years, lenders and loan officers have been looking to streamline the process of asset verification in a way which offers a better client experience and reduces time to closure,” said John Bird, vice president of product marketing at Envestnet-Yodlee.
“The report provides a simple, secure and highly flexible way for lenders to request and receive in-depth reports verifying borrower’s assets. Not only does this help close loans faster through more efficient processing, it also eliminates a serious pain point for their customers during the application and underwriting process.”
The report is shareable with mortgage aggregators and credit reporting agencies and can be delivered as a PDF document, the Redwood City, Calif.-based company said, adding it can be integrated into existing systems through an application programming interface.
The report is created using “a Fair Credit Reporting Act framework around the use of consumer reports and rights to disclosure and dispute,” the company said in a news release Friday.