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Envestnet | Yodlee’s New Launch Helps Mortgage Lenders Verify Applicants’ Assets

Envestnet | Yodlee’s New Launch Helps Mortgage Lenders Verify Applicants’ Assets

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Data aggregation and analytics platform Envestnet | Yodlee is reaching multiple big fintech trends this year, starting with the company’s wealth-tech solution, Advisor Now, that launched at FinovateSpring in May. Today, the California-based company has landed on another hot trend, real estate technology, with the launch of its Mortgage Asset Verification product.

The Mortgage Asset Verification solution gives U.S. lenders a report that helps them verify an applicant’s assets without requiring the consumer to supply account statements. The report, which is built around the Fair Credit Reporting Act framework, offers real time account, transaction, cash, and investment asset data sourced from the applicant’s financial institutions. It is available as a PDF or data package so that it can be shared easily with third parties. The solution can also be integrated into a lender’s existing system via API.

According to John Bird, vice president of product marketing at Envestnet | Yodlee, the Mortgage Asset Verification solution eliminates two major headaches loan officers face—a poor client experience combined with slow time to closure. In a press release, Bird said, “The Envestnet | Yodlee Mortgage Asset Verification report provides a simple, secure and highly flexible way for lenders to request and receive in-depth reports verifying a borrower’s assets.” The simplified process helps “close loans faster through more efficient processing” and “eliminates a serious pain-point for … customers during the application and underwriting process.”

Since acquiring Yodlee in August 2015 for $660 million, Envestnet | Yodlee has built out its Advisor Now solution and landed a partnership with Morgan Stanley’s wealth management arm. Envestnet | Yodlee most recently demoed at FinovateFall 2016 and at FinDEVr Silicon Valley 2016 where Deviprasad Kocherry, director of platform and product management, and Deven Maru, senior product manager of mobile platform, presented on fast integration using the company’s APIs.