MCLEAN, Va., – On Wednesday, Freddie Mac announced that its asset and income modeler (AIM), is now available for self-employed borrowers through Loan Product Advisor®, the company’s automated underwriting system (AUS).
This is the industry’s only AUS-integrated self-employed income assessment solution.
With proprietary technology provided by LoanBeam, AIM for self-employed simplifies underwriting of this borrower segment by automating the lenders’ income calculation process and speeding up the mortgage application process while maintaining strong credit underwriting standards.
“There are millions of self-employed workers in the United States and that number is only expected to grow,” said Andy Higginbotham, senior vice president and chief operating officer, Single-Family, Freddie Mac. “Loan Product Advisor’s AIM for self-employed borrowers provides our lenders with a new way to expand their business efficiently. It gives them a competitive edge to help grow their business in a tightening purchase market and gives them confidence they are delivering loans that align with Freddie Mac’s purchase eligibility requirements as captured in Loan Product Advisor.”
The U.S. Bureau of Labor Statistics reported that self-employment makes up more than 10 percent of total employment in the United States.
This demographic continues to be an important source of jobs for some 15 million people, and is expected to grow at the same, or faster rate, than the overall workforce.
“Together with Freddie Mac, AIM for self-employed borrowers helps us deliver cutting-edge technology to provide the very best customer experience,” said Kirk Donaldson, LoanBeam’s Chief Executive Officer, “Automating income calculation is a game changer for lenders and their processing staff.”
“At Freddie Mac, we’re continuously innovating to better meet our lenders’ needs to cut costs, drive efficiency and deliver a better borrower experience,” added Higginbotham. “AIM for self-employed borrowers is a win for the industry and we’re excited to make it broadly available.”
To learn more about Freddie Mac Loan Product Advisor, and how it can aid a lender’s mortgage origination experience, visit http://www.freddiemac.com/loanadvisorsuite/loanproductadvisor/.