DALLAS, Oct. 15, 2018 /PRNewswire/ — LoanBeam, the leader in automated income extraction, calculation, and verification, announced today that it is integrated with Freddie Mac Loan Product Advisor®. The integration allows consumer mortgage lenders to use LoanBeam’s income verification and calculation technology alongside Loan Product Advisor to verify income calculations for self-employed borrowers.
“This integration will drastically improve speed-to-close, file quality, and data integrity throughout the lending process, marking a significant step forward in the eMortgage revolution,” said Sri Gajjala, Chief Product Officer at LoanBeam.
The integration represents more than process flow efficiency. The arrangement between LoanBeam and Freddie Mac is a historical milestone in the digital mortgage movement. For the first time, lenders will be able to use integrated technologies to obtain income representation and warranty relief on loans for self-employed borrowers.
“Simplifying the mortgage experience for self-employed borrowers gives lenders a competitive advantage,” said Rick Lang, Freddie Mac Vice President, Loan Advisor Integration Strategy for the Single-Family Business. “Our integration with LoanBeam delivers the only fully automated and integrated solution available to the market, and can be leveraged by lenders to drive tangible cost savings. The integration of LoanBeam’s technology with Loan Product Advisor gives our clients an edge, the Freddie EdgeSM, with this expanding market.”
According to the Pew Research Center, about 44 million working Americans are either self-employed or working for the self-employed. LinkedIn predicts that by the year 2020, 43 percent of the U.S. workforce will be made up of freelance workers–that includes younger workers who want more flexibility and older workers looking to assert more control over their careers.
With patented technology based on more than 15 years in tax preparation and accounting experience, LoanBeam has established itself as the standard in automated income calculation. LoanBeam is leveraging big data partners, advantaged scanning technologies, and patented algorithms to reduce multiple streams of income into a single, easy-to-read, electronic output. The company’s headquarters is in Dallas, Texas. For more information, visit www.LoanBeam.com.
About Freddie Mac
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, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Media Contact: Roby Robertson