LoanBeam and Freddie Mac Further Streamline the Process for Lending to Self-Employed Borrowers
Oct 6, 2020
DALLAS - October 6, 2020 - (Newswire.com)
LoanBeam announced today that Freddie Mac will further integrate its income solution, including IRS tax transcript data, with Loan Product Advisor® (LPASM). For almost two years, lenders have been leveraging LoanBeam through LPA AIM for self-employed to improve their process flow and achieve income confidence on Sole Proprietorships, S-Corporations and Partnerships.
“We have witnessed dramatic changes to the business landscape this past year, none more so than the way individuals are earning income outside of the traditional workplace,” said Kirk Donaldson, LoanBeam Founder. “Lenders are looking for ways to improve income analysis and documentation confidence, and LoanBeam’s collaboration with Freddie Mac on income assessment will do exactly that,” Donaldson continued.
To meet the market demand for more acceptable income types and greater upfront certainty, LoanBeam has further refined its technology making it possible for Freddie Mac to enrich and expand its AIM for self-employed offering to their mutual clients.
“The ability to gain access to tax data directly from the IRS means this already successful and efficient solution gets even better,” said Kevin Kauffman, Vice President of Business Partner Integration at Freddie Mac. “LoanBeam’s continued growth and innovation further strengthen Freddie Mac’s and our shared clients’ risk mitigation efforts.”
Using certified IRS Tax Transcript data, representation and warranty relief will be expanded to include tax income data used in income calculations. This means lenders can be confident that the income calculations and income data are assessed by LPA, mitigating buy-back risks related to qualifying income.
Additionally, LPA will expand the scope of rep and warranty relief-eligible income types to include rental, regular corporation (Type C), and farm income, as well as incorporating income data included on tax extensions. The expansion of Freddie Mac’s credit box includes a greater portion of the borrower’s income that helps give lenders greater control to reduce risk.
Integration of the new IRS data sources will begin this fall.
About LoanBeam
LoanBeam — a subsidiary of Navesink Mortgage Services LLC — is a Dallas-based fintech company specializing in document conversion, income verification, and secured fee payments in the consumer mortgage space. Its technology underpins the mortgage approval process of the nation’s most recognizable brands. For more information, visit www.LoanBeam.com.
Media Contacts
Roby Robertson
972-299-0562
[email protected]
Related Links
LoanBeam Website
Press Release Service by Newswire.com
Original Source: LoanBeam and Freddie Mac Further Streamline the Process for Lending to Self-Employed Borrowers
More News
Lawsuit Accuses Education Dept. of Throttling Debt Cancellation Through PSLF Program
Public servants on the brink of student debt forgiveness are facing setbacks and extensive delays. The American Federation of Teachers sued to help them.
The Tech Tumult Rocks Wall Street
Investors are growing nervous about the huge spending bills that tech giants are amassing to pay for their bets on artificial intelligence.
Why Kalshi Wants to Repeal a 1958 Law About Onions
A law enacted after a brazen scheme to rig onion prices in the 1950s puts the vegetable, as well as box office receipts, off-limits for prediction markets.
Binance Hack Sends Crypto Stocks Tumbling
The rout hit publicly traded crypto exchanges and fintech companies, as well as cryptocurrencies like Bitcoin.
Meta Settles Social Media Addiction Case, Avoiding Trial
The case, brought by an 18-year-old Mississippi woman and set for trial next week, was the fourth of nine bellwether personal injury lawsuits.
City of London chief tops UK Black Powerlist
Ian Thomas, who heads the City of London Corporation, tops the Black Powerlist in its 21st year.
Binance's $6.3bn crypto hack biggest in history
Cryptocurrency giant Binance said on Thursday that $6.3bn (£4.7bn) of digital assets have been impacted by what is thought to be the biggest crypto hack on record.
New York Bought an Electric Ferry. The City Can’t Charge It.
Locations across the country want to launch electric ferries to cut carbon emissions, but there are challenges to the rollout.
Yorkshire Water boss resigns after firm downgraded
Nicola Shaw, who has led the company since 2022, will step down in January, it is announced.
Binance Suspends Withdrawals After Crypto Hackers Steal $6.3 Billion
The crypto exchange said it was compromised in what could be the biggest crypto heist ever. One research lab attributed the theft to “North Korea’s elite hacking unit.”
A Powerful Mosquito-Hunting Laser Uses A.I. to Zap Winged Pests
Using sensors developed for self-driving cars, a Chinese start-up claims it can track and destroy tiny flying targets while avoiding people, pets and reflective surfaces.
China signals moderately loose policy, capital market reform
As the opening year of the 15th Five-Year Plan period approaches its final stretch, China's financial regulators are sending signals on stabilizing growth and expectations. On Friday, the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) laid out their respective priorities for monetary policy and capital market work.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.