Freddie Mac recently announced multiple enhancements to its Loan Advisor toolset, creating an efficient solution for lenders looking to improve the quality and the speed of the mortgage origination experience and gain a competitive edge, Freddie Mac announced in a release.
“Our upgrades to Loan Advisor allow our clients to provide a better customer experience through a more efficient loan origination process,” Freddie Mac Single Family Executive Vice President Dave Lowman said in the release. “We’re focused on delivering business results for our clients and helping them compete in today’s market – we call it The Freddie Edge.”
The new enhancements were revealed at the Mortgage Bankers Association’s Annual Convention & Expo in Washington D.C. The upgrades are part of Freddie Mac’s continuing focus on providing its clients with value through a superior digital mortgage process which translates to an easier, faster borrower experience.
Freddie Mac is releasing 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, the release said.
One of the new capabilities is an integrated solution for calculating self-employed borrower income. Freddie Mac also is introducing, Condo Project Advisor which allows mortgage lenders to originate loans for condominiums faster and more efficiently.
Also, according to Freddie Mac, additional Loan Advisor enhancements include the expansion of Loan Product Advisor’s Automated Collateral Evaluation (ACE), which allows lenders to underwrite certain loans without a traditional appraisal, to condominium loans, while Loan Collateral Advisor now will provide expanded collateral representation and warranty relief, simplified single scoring, and clearer feedback messaging to help lenders operationalize results.
“Our clients face a number of challenges in today’s market and need help in reducing costs and increasing efficiency so they can stay competitive,” Freddie Mac Senior Vice President and Chief Operating Officer Andy Higginbotham said. “We’re giving our clients that edge, providing advantages through our partnerships with them and best-in-class industry partners and we also continue to support the movement around dual-AUS submission for a better borrower experience.”