“The Freddie Edge℠” Focuses on Smart Lending and a Better Customer Experience
McLEAN, Va., Oct. 15, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB:FMCC) Freddie Mac announced today 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.
“Our upgrades to Loan Advisor allow our clients to provide a better customer experience through a more efficient loan origination process,” said Dave Lowman, Executive Vice President, Single-Family, Freddie Mac. “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 today 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.
One of the new capabilities is an integrated solution for calculating self-employed borrower income. LoanBeam’s technology is now available through Loan Product Advisor®, making it the only fully integrated self-employment income solution available to the market.
Freddie Mac is also introducing, Condo Project Advisor℠ which allows mortgage lenders to originate loans for condominiums faster and more efficiently.
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.
Loan Collateral Advisor® will now 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,” said Andy Higginbotham, Senior Vice President, Chief Operating Officer. “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.”
To learn more about the latest Freddie Mac Loan Advisor enhancements or to research how this toolset’s functionality is assisting lender’s mortgage origination experience, visit http://www.freddiemac.com/loanadvisorsuite/
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, @FreddieMac and Freddie Mac's blog.
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Chad Wandler
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Chad_Wandler@FreddieMac.com