Freddie Mac is in the process of launching a new, automated capability that allows mortgage lenders to assess a homebuyer’s income through direct deposit. This will help reduce the burden of paper documentation on borrowers so they can close on their home loans faster and simplify the lending process.
This new income assessment solution is now available to borrowers with McLean Mortgage Corporation through Freddie Mac’s Loan Product Advisor® (LPASM) Asset and Income Modeler (AIM). Not to be confused with the old-school instant messaging. It’s a solution to help automate the manual process of assessing borrower assets and income using direct deposits. AIM uses the expertise of third-party service providers to help reduce the burden of traditional documentation and simplify the loan origination process, drive efficiency, and improve the lender and borrower’s experience.
The AIM program will come with many benefits to ensure that borrowers will be able to experience a smooth loan process including:
- Reduce the burden of obtaining traditional documentation.
- Close loans faster – saving time and money by verifying both income and assets using one verification report.
- Provide a superior borrower experience resulting in increased business.
- Prevent fraud by obtaining borrower data from third-party service providers.
- Increase your confidence that the income amount submitted to LPA is supported by AIM’s assessment.
How does AIM work?
- Your Loan Officer will request a verification report of assets and income information from our designated service provider
- The Loan Product Advisor retrieves the report and performs an assessment for rep and warranty relief eligibility.
- The Loan Product Advisor then returns the results of the assessment in the Feedback Certificate to the Loan Officer to determine the next steps.
Studies show that over 93% of U.S workers are being paid by direct deposit which is a critical reason for Freddie Mac initiating this campaign. AIM is now able to assess more income sources than ever. In addition to direct deposit data, with borrower permission, AIM can assess an applicant’s income from employer data as well as tax return data for self-employed individuals.
With this new feature, McLean Mortgage can continue to improve our commitment to guide you every step of the way and ensure a smooth loan process for you and your family.
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