Freddie Mac says it has integrated Finicity to its Loan Product Advisor (LPA) asset and income modeler (AIM), giving lenders another option when choosing a payroll provider for verification of a mortgage applicant’s income.
“This is another win for borrowers and lenders as we continue our industry-leading advancements toward a true digital mortgage experience,” says Andy Higginbotham, single-family chief operating officer at Freddie Mac. “Broad adoption of these digital solutions through LPA is helping our clients grow their business and provide today’s borrowers with a vastly improved mortgage experience whether they’re refinancing their current mortgage or buying a new home.”
Automated payroll income verification allows lenders to reduce the documentation burden on borrowers, close loans faster and simplify the lending process while meeting Freddie Mac’s strong credit underwriting standards.
“Freddie Mac’s commitment to simplifying the mortgage experience, while providing best-in-class technology to enable its clients’ decisioning, is significantly driving the adoption of a fully digital mortgage,” says Finicity’s Lisa Kimball. “Working with Freddie Mac on income verification that takes minutes and not days delivers a better experience for borrowers and lenders alike, while promoting accuracy and improvement to the bottom line.”
In addition to payroll data for salaried employees, lenders can also now receive confirmation through LPA that a self-employed borrower’s tax transcript data matches data from their IRS tax return processed through LoanBeam. Since 2019, Freddie Mac’s clients have been leveraging LoanBeam through LPA to enable the automation of income calculations for self-employed borrowers on sole proprietorships, S-corporations and partnerships.
Freddie Mac is also adding CoreLogic and LoanCraft as third-party service providers to its AIM for self-employed solution to give clients even more options.
The post Freddie Mac Enhances Income Verification Capabilities for Lenders appeared first on MortgageOrb.