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Freddie Mac has named FormFree® a designated third-party service provider for automated income and asset assessment capabilities. The announcement came as the GSE unveiled new enhancements to Loan AdvisorSM at the Mortgage Bankers Association’s Annual Convention and Expo in Washington, D.C.
Freddie Mac’s automated asset and income assessment capabilities are currently available in limited release, and the GSE said it plans to make its asset offering broadly available before the end of the year. FormFree direct deposit income assessment capabilities are expected to debut in early 2019. Both capabilities will be accessed through Loan Product Advisor®, Freddie Mac’s automated underwriting system that is part of Loan Advisor.
“Speeding up the origination process by automating the assessment of borrower assets and income is just one way we are giving our clients the Freddie EdgeSM,” said Samuel E. Oliver III, Freddie Mac Vice President, Major Project Execution, Single-Family Business. “Through our partnership with FormFree, we’re helping lenders provide their borrowers with an easier and faster mortgage experience.”
“This is a long-anticipated announcement that should excite lenders who are looking to add efficiency and choice to their origination and secondary market workflows,” said Brent Chandler, founder and CEO of FormFree. “As the industry’s original provider of automated asset and income verification, we are a proud partner in Freddie Mac’s efforts to reimagine the mortgage experience and deliver an origination process that is easier and more efficient for lenders and consumers alike.”