Lendsmart, an AI-driven digital lending platform, has integrated with Freddie Mac Loan Product Advisor, the GSE’s automated underwriting system (AUS).
“Lendsmart’s software predicts the credit and underwriting conditions required in the loan origination process by pinning them to a borrower’s data in real-time, rather than making the borrower wait 45 days to get an email from the underwriter,” says AK Patel, founder and CEO of Lendsmart. “We’re also shaving off weeks in the letter of explanation process.”
Lendsmart’s centralized platform unifies all parties involved while also automating manual tasks, improving accuracy, minimizing lender risk and reducing origination and operational costs, the company says. The partnership will accelerate Lendsmart’s efforts to allow more borrowers to get a loan, refinance, or purchase a home, while saving time and reducing the origination costs for lenders.
“Today’s lenders and borrowers expect a seamless digital process that isn’t burdened with administrative tasks or excessive timelines,” says Kevin Kauffman, single-family vice president of business partner integration at Freddie Mac. “Partnering with Lendsmart allows Freddie Mac to provide the latest in technology that satisfies our mutual clients’ needs.”