Finicity Integration with Loan Product Advisor Provides More Effective, Efficient Income Assessments
MCLEAN, Va., Sept. 18, 2019 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today announced Loan Product Advisor® asset and income modeler (AIM) now includes Finicity’s Verification of Income and Employment (VOIE) solution in limited release. AIM continues to evolve, creating a speedier process with a responsible and reliable income assessment tool that helps lenders and their borrowers reduce their documentation burden during loan origination.
Finicity’s VOIE solution extracts a borrower’s pay statement data from the paystub and then cross-verifies it against their income transactions from their financial institutions. This automates a mostly manual process for lenders while also reducing the borrower “hassle factor”.
“The addition of VOIE to AIM augments direct deposit information with paystub data and delivers automation that makes the origination process easier, faster and less costly for lenders and borrowers,” said David Fulford, Vice President of Loan Advisor Strategy and Integration at Freddie Mac. “This is another way in which we are serving the needs of our clients by developing value-driven offerings that create a more effective and efficient origination process, while at the same time ensuring we’re receiving verifiable and accurate data that meet our underwriting standards.”
“Freddie Mac has done an exceptional job of streamlining the mortgage process and creating a better experience for borrowers and lenders through its AIM program,” said Steve Smith, CEO and Co-founder of Finicity. “Our relationship and their continued push for innovation has been key to our delivery of a verification of income and employment solution that promises to significantly improve coverage for automated assessments in the mortgage market.”
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.
About Finicity
Finicity’s mission is to help individuals, families and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company, which launched its first financial product in 2000 and has since grown to provide financial data APIs, credit decisioning tools and financial wellness solutions, partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world. Finicity was awarded API World’s 2016 Finance API of the Year and is a 2018 HousingWire Tech100 winner. To learn more or test drive its API, visit www.finicity.com.
MEDIA CONTACT: Chad Wandler
703-903-2446
Chad_Wandler@FreddieMac.com