Lenders are growing frustrated with digital Verification of Asset (VOA) services that don’t always work — and Athens, Georgia-based FormFree is listening. Now, the company is taking the data retrieval issues behind those frustrations head-on.
“There are a couple of reasons why digital VOA has a less-than-perfect success rate,” explained FormFree Founder and CEO Brent Chandler.
“The first has to do with failure points that are generally viewed as an unavoidable part of the data aggregation process, such as consumers supplying incorrect banking credentials or bank server capacity issues causing timeouts,” he said. “The second is that certain financial institutions are reluctant to share consumer financial data over which they believe they have an ownership claim. We believe both issues are solvable, and FormFree is leading that charge.”
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