Property, income, and employment certification improve performance while reducing risk. Freddie Mac (OTCQB: FMCC) has announced new automated scripting capabilities that allow lenders to use borrower bank account data to verify assets, revenue, and performance. Property and Revenue Model (AIM) at Freddie Mac Loan Product Advisor® (LPASM), the company’s automated scripts, will be available to lenders nationwide on May 1, 2022 .
“This company’s first innovation supports our mission of making our home more sustainable and affordable,” said Andy Higginbotham, Freddie Mac Chief Family-Based Creative Officer. “Our assembly of AIM services will be instrumental in maintaining a consistent and high-performance approach to the writing process, which will be crucial as the deposit landscape continues to transform into a major purchasing activity.”
The new version of AIM, a 10-day closed-door (VV) certification of employment, will be available on June 1, 2022. The capability provides the current loan status of the borrower using a borrower-approved bank account (direct deposit) or billing data collected from selected third-party service providers. This provides lenders a much better option than receiving an oral or written certificate of service before closing.
A recent Freddie Mac study found that by accepting exercise donations (such as AIM), lenders are able to significantly increase productivity and shorten longevity by up to 15 days. In addition, these improvements mean a reduction of 30 percentage of loan repayment costs, greater customer satisfaction, and an increase in applications completed and closed.
“Freddie Mac’s focus on risk management is crucial to delivering on our mission throughout the economic crisis,” said Terri Merlino, Freddie Mac Chief Family Single-Family. “These improvements to our scripts system are regularly updated and reduced fraud by accessing bank account data. They also reduce script errors and delays created by back-and-forth documentation. ”
Freddie Mac recently unveiled the industry’s first direct-investment platform, available across the country. Today, AIM can assess more sources of income than ever before, including for individuals with fixed income or alternative income sources, such as Retirement, Social Security, Veteran Case Benefits , alimony, and child support. In addition, AIM can analyze applicant income from tax return data for private individuals, a capacity that the company pioneered in 2019. AIM provides these cost-saving services to lenders, while continuing to meet standards under strong Freddie Mac credit.