New collaboration combines multiple data assets to deliver broad actionable insights to lenders. Accelerates the Digital Mortgage Process with Innovative Verification Products
Equifax Inc. (NYSE: EFX), a global information solutions company, has announced that it is working with Yodlee, a financial data aggregation and data analytics platform, to help simplify the mortgage loan process by making it easier for lenders to derive insights from borrowers’ financial data.
This collaboration provides Equifax with access to real-time asset and income information on prospective customers who have granted permission and helps streamline loan production, reduce fraud exposure in the application process, and give banks, loan originators and lenders additional tools to assess risks in underwriting and portfolio management.
Equifax manages the nation’s largest centralized repository of income and employment verifications, powered by The Work Number, a proprietary data asset containing more than 350 million payroll records. Through the collaboration with Yodlee, Equifax is enhancing its already robust verification offering. The addition of asset data will help Equifax provide the industry with a fully rounded solution for verifying borrower income, assets and employment, all delivered in a seamless electronic document and API flow.
“By utilizing our data intelligence, based on comprehensive consumer and small-business financial data available across banking, credit and wealth management, this collaboration can quickly move the mortgage lending industry to the next level of actionable, paperless processes,” said Brandon Rembe, SVP, Products, Yodlee. “While this collaboration begins in mortgage, we believe it will eventually benefit the entire lending ecosystem.”
Envestnet® | Yodlee® is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. Our platform has proudly fueled innovation financial institutions (FIs) and fintech for over 17 years ultimately helping consumers get better lending rates, lower fees, higher returns, and more.
We partner with more than 1,100 financial institutions and fintech innovators, including 13 of the top 20 U.S. banks, enabling a massive data network associated with tens of millions of consumers who use platform-related personalized apps and services. Notably, 70% of the financial data is gathered via structured data feeds with financial institutions. The power of Envestnet | Yodlee and our unique point of difference begins with the massive scale of financial data within our platform which is utilized to fuel Envestnet | Yodlee’s Data Intelligence capabilities.
Our unique point of difference also extends to Envestnet | Yodlee’s bank-level security, 80 issued patents, best-in-class data from over 18,000 sources, and our formal agreements with leading financial institutions for responsible and secure management and exchange of data.
Source: Equifax Press Release