LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, now is the technology provider behind Freddie Mac’s new tool, Freddie Automated Servicing TransferSM (FASTSM), which streamlines the transfer of mortgage servicing rights for Freddie Mac’s Cash-Released XChangeSM, the company announced in a release.
LoanLogics also will provide technology enhancements to expand the capabilities of FAST in support of Freddie Mac’s Co-Issue XChangeSM.
Launched in October 2018, FAST is an online tool that enables the physical transfer of mortgage servicing rights by extracting information from imaged documents. Leveraging drag-and-drop functionality, FAST standardizes and simplifies the exchange of documents and data, freeing lenders from managing servicer-specific requirements and processes, while also eliminating multiple, time-consuming manual steps, the company said.
FAST also gives mortgage servicers a more efficient method to receive documents and data from a variety of lenders, a process that has traditionally been one of the most challenging aspects of servicing transfers.
“The FAST tool leverages LoanLogics IDEA (Intelligent Data Extraction and Automation) technology, which uses machine learning and other capabilities to transform digital images and scanned documents into verified and validated information for loan boarding,” the release stated.
IDEA can be configured to support any servicer’s defined naming conventions, stacking orders and required document sets. It includes data extraction for required information found only in documents and leverages machine learning for the accurate versioning and indexing of all documents.
“Freddie Mac is focused on enabling buyers and sellers to interact in ways that allow them to do business better, faster, and more efficiently,’ Hakan Beygo, senior director of Freddie Mac’s Single-Family Office of the Client, said in the release. “We're delighted to work with LoanLogics and believe they will be valuable in helping us continually enhance our FAST offering.”
LoanLogics Executive Vice President/Chief Business Officer Craig Riddell said he was pleased with what this partnership with Freddie Mac will do in terms of the FAST initiative, which is revolutionizing the way mortgage servicing rights are exchanged.
“With our technology, the FAST tool can validate loan data coming in from lender systems, identify areas where there are gaps or inconsistencies, and share that information back through FAST’s interactive portal,” Riddell said. “We look forward to an even more productive relationship with Freddie Mac as it expands FAST to include co-issue support.”