CoreLogic has implemented its income calculation and analysis solution through Freddie Mac’s Loan Product Advisor asset and income modeler (AIM) for self-employed solution.
Calculating a self-employed borrower’s income can be a complex process for those with multiple sources of potential income beyond a paycheck – especially when income is reported from different business structures, such as sole proprietorships, partnerships and s-corporations. CoreLogic’s solution automates the document intake process for these different sources, analyzes them based on loan guidelines and then will automatically calculate the income.
“CoreLogic’s digital mortgage solution provides us with the appropriate level of information we need to facilitate representation and warranty relief on one of the most challenging calculations in the underwriting workflow, and helps lenders reduce their costs and save time,” says Kevin Kauffman, Freddie Mac’s vice president for business partner integration. “Adding CoreLogic as a third-party service provider to our AIM for self-employed solution gives our clients more options when looking for ways to help identify qualified self-employed borrowers.”
“We are so excited that Freddie Mac has chosen CoreLogic to be an integral part of its AIM for self-employed solution, helping to give lenders greater peace of mind when calculating borrower income,” adds Jay Kingsley, executive for credit solutions at CoreLogic. “CoreLogic is committed to taking time, touch and costs out of the origination process, and we believe automation, standardization and digitization are the keys to doing so. This is the first of several integrations that we are planning to help make representation and warranty relief available to Freddie Mac’s client base.”
Photo: Kevin Kauffman