FormFree has partnered with LoanBeam to make it easy for mortgage lenders to solve two of their toughest underwriting challenges: Collecting digital borrower financial data directly from the source and calculating qualified income with accuracy, consistency and efficiency.
LoanBeam will use AccountChek source data to provide the qualified income calculations lenders need to underwrite and sell mortgages to Fannie Mae, Freddie Mac and third-party investors. The partnership will enable lenders to collect digital asset, income and employment data from borrowers in a three-minute session for significant cost savings and reduction in turn times nine to 20 days on average.
This is an excerpt. Read the full storm in National Mortgage Professional.