Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

LoanBeam and Freddie Mac Further Streamline the Process for Lending to Self-Employed Borrowers

Data Confirmed Directly From IRS Tax Transcripts Reduces Risk

LoanBeam announced that Freddie Mac will further integrate its income solution, including IRS tax transcript data, with Loan Product Advisor (LPA). For almost two years, lenders have been leveraging LoanBeam through LPA AIM for self-employed to improve their process flow and achieve income confidence on Sole Proprietorships, S-Corporations and Partnerships.

“We have witnessed dramatic changes to the business landscape this past year, none more so than the way individuals are earning income outside of the traditional workplace,” said Kirk Donaldson, LoanBeam Founder. “Lenders are looking for ways to improve income analysis and documentation confidence, and LoanBeam’s collaboration with Freddie Mac on income assessment will do exactly that,” Donaldson continued.

Recommended AI News: Asian Fintech News: NEC Acquires Swiss Financial Software Company, Avaloq

To meet the market demand for more acceptable income types and greater upfront certainty, LoanBeam has further refined its technology making it possible for Freddie Mac to enrich and expand its AIM for self-employed offering to their mutual clients.

Related Posts
1 of 19,644

“The ability to gain access to tax data directly from the IRS means this already successful and efficient solution gets even better,” said Kevin Kauffman, Vice President of Business Partner Integration at Freddie Mac. “LoanBeam’s continued growth and innovation further strengthen Freddie Mac’s and our shared clients’ risk mitigation efforts.”

Recommended AI News: Diamanti Announces Support for Red Hat OpenShift to Accelerate Return on OpenShift Investments

Using certified IRS Tax Transcript data, representation and warranty relief will be expanded to include tax income data used in income calculations. This means lenders can be confident that the income calculations and income data are assessed by LPA, mitigating buy-back risks related to qualifying income.

Additionally, LPA will expand the scope of rep and warranty relief-eligible income types to include rental, regular corporation (Type C), and farm income, as well as incorporating income data included on tax extensions. The expansion of Freddie Mac’s credit box includes a greater portion of the borrower’s income that helps give lenders greater control to reduce risk.

Recommended AI News: CyberSaint Joins Google Cloud Partner Advantage Program

Leave A Reply

Your email address will not be published.