Freddie Mac Announces More “Big Data” Tools

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Posted To: MND NewsWire

Freddie Mac is announcing a couple of enhancements to its Loan Advisor underwriting tool. The additional capabilities will allow lenders to automate the assessment of borrower income and assets to reduce documentation which the company says will significantly speed-up the approval process. There are several components to the advances which the company unveiled at the Mortgage Bankers Associations Annual Convention and Expo in Washington which began on Sunday. Automated collateral evaluation combined with collateral rep and warranty relief Automated assessments for borrowers without credit scores Automated asset and income validation. The automated collateral evaluation has been available in some form previously and with this announcement appears to be extended to condominium units . It is unclear…(read more)

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