Freddie Mac integrates self-employed borrower income assessment platform; enhances Loan Advisor (MBA NewsLink)
by lcolley on October 19, 2018
Freddie Mac, McLean, Va., announced Loan Product Advisor, its automated underwriting system, now offers AUS-integrated self-employment income assessments for the mortgage industry through LoanBeam.
The full integration with Loan Product Advisor provides lenders with advantages in the underwriting process over using LoanBeam’s platform separately. For example, Loan Product Advisor’s automated review identifies whether the qualifying income is sufficient and accurate, saving lenders from chasing down unnecessary supporting documents. This drives workflow efficiency and gives lenders confidence to move forward with the loan. The integration with Loan Product Advisor also provides lenders with a higher level of quality assurance, giving them greater certainty to underwrite in a challenging market segment.
Freddie Mac also announced multiple enhancements to its Loan Advisor toolset. It released new automated income and asset assessment capabilities that allow lenders to leverage the third-party expertise of Equifax, FormFree, Finicity, LoanBeam and Yodlee through offerings that automate the assessment of borrower income and assets to reduce documentation and significantly speed-up the process.