In a move that will expand the capabilities of its AccountChek automated verification platform, FormFree has announced a partnership with Envestnet | Yodlee Risk Insight Solutions, which offers reports designed to provide insight into a consumer’s holistic financial picture.
Envestnet | Yodlee’s reports use aggregated data from more than 16,000 sources, including banking, investment, loan and credit card information.
This comprehensive data allows FormFree to enhance its AccountChek reports with bank statement copies that meet Federal Housing Administration (FHA) requirements, the company says in a press release.
The data will also enable FormFree to fine-tune its analysis of borrower ability to pay with thousands of new rules.
“We believe the breadth of Envestnet | Yodlee’s financial data across banking and wealth management from tens of millions of consumers far surpasses the competition,” says Brent Chandler, founder and CEO of FormFree. “By combining Envestnet | Yodlee’s track record of secure and accurate financial account aggregation with FormFree’s decade of mortgage industry experience, we are bringing lenders unparalleled insight into their borrowers’ ability to pay. Based on the research we conducted, the other options in the marketplace don’t even compare.”