Blend, a mortgage technology company, has recently announced a major integration with Freddie Mac’s asset and income modeler API. This integration marks an important shift in the mortgage industry, as the technology allows for more income sources to be verified and for the application process to be expedited.
This integration could enable lenders to access a broader range of data points (such as rental income, verification of multiple bank accounts, and verification of investment accounts), allowing them to verify applicants’ income with more precision and accuracy. This integration also allows for public records to be digitized, thereby streamlining the process and simplifying the income verification process quicker and easier. This may result in more efficient loan processing and quicker turnaround times for borrowers.
The most important elements of the text are:
• Integration with Freddie Mac’s asset and income modeler API: Allows expanded verification of income sources and expediting the application process.
• Expanded data points: Including rental income, multiple bank accounts, and verification of investment accounts.
• Digitization of public records: Streamlining the process and simplifying the income verification process.
• Potentially more efficient loan processing: Streamlining the process and quicker turnaround times for borrowers.
You can read this full article at: https://www.housingwire.com/articles/mortgage-tech-firm-blend-beefs-up-income-verification-capabilities/(subscription required)
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