The news coincides with the revealing of new enhancements to Freddie Mac’s Loan Advisor suite of technology solutions designed to take cost out of the origination process and help mortgage lenders acquire relief from certain representations and warranties.
By fully automating the assessment of borrower income and assets with data from FormFree and other approved third-party sources, Freddie Mac can offer lenders rep and warranty relief when the data meets its underwriting and eligibility requirements, the company says in a release.
Freddie Mac’s automated asset and income assessment capabilities are currently available in limited release. The company plans to make its asset offering broadly available before the end of the year.
FormFree direct deposit income assessment capabilities are expected to debut in early 2019.
Both capabilities will be accessed through Loan Product Advisor, Freddie Mac’s automated underwriting system that is part of Loan Advisor.