Experian partners with Freddie Mac to streamline verification process
Experian announced on Wednesday that lenders can now access its product, Experian Verify, through Freddie Mac’s Loan […]
Experian announced on Wednesday that lenders can now access its product, Experian Verify, through Freddie Mac’s Loan Product Advisor asset and income modeler (AIM). The goal, according to the company, is to provide mortgage lenders and borrowers with an efficient and streamlined verification process.
“This collaboration will assist lenders with quickly and easily obtaining income and employment verification,” Daniel Miller, single-family director of strategic technology partnerships at Freddie Mac, said in a prepared statement.
Using Experian Verify through AIM will allow mortgage lenders to leverage up-to-date employer payroll data to verify income and employment information, Experian said in the statement.
It will also help lenders make “confident” lending decisions, according to Michele Bodda, president of Experian’s mortgage, verification solutions and employer services.
“This new partnership with Freddie Mac is another important milestone in our journey to unlock the modern mortgage,” Bodda said. “Together, we can help ensure more lenders have instant access to the best insights while improving the homebuying experience for borrowers.”
AIM’s loan origination process leverages third-party service providers like Experian to automate manual processing of borrower income and employment assessments.
“Partnering with third-party service providers like Experian ensures we can deliver the best tools and insights the industry has to offer,” Miller said.
Last June, the company became an authorized report supplier of employment and income verification through Fannie Mae’s Desktop Underwriter validation service.
According to the statement, the move made Experian “one of the few providers who are authorized report suppliers for both government-sponsored enterprises (GSEs).”
The original article can be found at: Banking - Housing Wire Mortgage