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Decision engine helps borrowers get loans – Orange County Register
In addition to providing much more user-friendly controls, the built-in Business Intelligence capability means lenders can more efficiently manage and use the loan data associated with each application. The new appraisal application, Boyle says, is a good example of how the suite will help lenders gain new efficiencies. Having the guidelines and information baked into each application will also help lenders achieve new efficiencies, Boyle says. Andy Higginbotham, senior vice president and head of single-family strategic delivery for Freddie Mac, says the development of the suite is the result of extensive feedback from the lender community.
Freddie Mac teamed up with 15 different development partners, including numerous experts who have been involved in the development of origination technology, to get their input on these applications. A big part of the job, he says, has been figuring out exactly how various lenders will be using the applications. For that reason, all of the applications have been undergoing trial testing in live environments with about 20 different numerous lenders, running in size from big to small, during the past six months or so.
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Our efforts with Loan Quality Advisor and Loan Coverage Advisor were focused on getting the look and feel consistent with the new tools. While there was some recoding, it was not extensive. In terms of software deployment, lenders have two options: They can use the portal to access the applications on an as-needed basis or they can have the suite integrated with their loan origination system LOS , which facilitates a greater degree of automation. We want to automate their manual checklist processes. Higginbotham adds that Freddie Mac has been working with the LOS providers to develop the integrations.
Freddie Mac to Make Underwriting Tool Free
And we did that knowing we would come out with an entire suite of tools that would automate the loan manufacturing process as it relates to investor requirements. Perhaps most important of all, the launch of Loan Advisor Suite pushes Freddie Mac ahead of the rest of the mortgage industry in terms of technology investment. Mortgage Lending Outlook: The information could be out of date and no longer accurate.
Freddie Mac does not undertake an obligation, and disclaims any duty, to update any of the information in those documents. Freddie Mac's future performance, including financial performance, is subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
The factors that could affect the company's future results are discussed more fully in our reports filed with the SEC. The Loan Product Advisor feedback certificate is cleaner, easier-to-understand and shows at a glance a loan's status and potential for earlier representation and warranty relief.
Day of automated mortgage has arrived, Freddie Mac says FAST CASH
Freddie Mac plans additional functionality for Loan Product Advisor later this year. Loan Closing Advisor feedback will help lenders resolve data defects prior to closing and reduce repurchase risk. The year fixed rose 3 basis points this week, landing at 3. The year fixed shot up to 3. The Mortgage Bankers Association reports a 1.
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They previously tried to refinance their home loan with five different originators over the past year. All five turned them down. What about the underwriting decision engine?
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