Freddie Mac has announced refinements to its Loan Advisor Suite it says will cut mortgage origination costs
Freddie Mac has announced refinements to its Loan Advisor Suite that it says will cut origination costs. The system’s new capabilities will be available in spring of 2017, according to Freddie Mac.
“These powerful enhancements are indicative of the dramatic changes happening in financial services globally,” said David Lowman, executive vice president of Freddie Mac's Single-Family Business. “As the cost of originating a mortgage has more than doubled since before the financial crisis, we're collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans to us.”
“We have more than 40 years of historical data that provides the foundation of Loan Advisor Suite. By pairing big data with advanced analytics, we're creating efficiencies and reducing costs for lenders and borrowers,” said Andy Higginbotham, senior vice president of strategic delivery for Freddie Mac's Single-Family Business.
New capabilities of Loan Advisor Suite will include:
“These powerful enhancements are indicative of the dramatic changes happening in financial services globally,” said David Lowman, executive vice president of Freddie Mac's Single-Family Business. “As the cost of originating a mortgage has more than doubled since before the financial crisis, we're collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans to us.”
“We have more than 40 years of historical data that provides the foundation of Loan Advisor Suite. By pairing big data with advanced analytics, we're creating efficiencies and reducing costs for lenders and borrowers,” said Andy Higginbotham, senior vice president of strategic delivery for Freddie Mac's Single-Family Business.
New capabilities of Loan Advisor Suite will include:
- A no-cost automated appraisal alternative
- Automated borrower income verification
- Automated borrower asset verification
- Automated assessment of borrowers without credit scores
