Freddie Mac reveals Loan Advisor upgrades at MBA

New enhancements designed to give clients the “Freddie Edge”

Freddie Mac announced major tech upgrades to its Loan Advisor Suite on Monday at the Mortgage Bankers Association’s Annual Convention & Expo in Washington, D.C.

Three years ago, Freddie unveiled the Loan Advisor Suite at 2015's MBA Annual, billing it as a “flexible, end-to-end loan quality solution.” Since then, it has added a host of new features as it continues to build out the platform. On Monday, it revealed a number of advancements designed to take the suite to the next level.

Freddie announced that Loan Advisor will now offer an automated income and asset assessment feature to allow lenders to easily leverage borrower info from Equifax, FormFree, Finicity, LoanBeam and Yodlee. The upgrade is designed to reduce documentation and speed-up the origination process, the 2018 HW Tech100 winner said.

Freddie also revealed that its Loan Product Advisor tool will feature an integrated solution for calculating income for self-employed borrowers. The company said the enhancement makes it the first and only automated underwriting system with an integrated self-employment income asset solution in the mortgage industry.

At the MBA on Monday, the company also unveiled the Condo Project Advisor, a feature designed to help lenders originate loans for condominiums with more efficiency, and revealed enhancements to Loan Product Advisor’s Automated Collateral Evaluation, which will enable lenders to underwrite certain loans without a traditional appraisal.

Freddie also updated its Collateral Advisor, which will now provide expanded collateral representation and warranty relief and simplified single scoring.

The company said the upgrades are part of its continued effort to providing clients with a “superior digital mortgage process” in order to create a better borrower experience. 

“Our upgrades to Loan Advisor allow our clients to provide a better customer experience through a more efficient loan origination process,” said Dave Lowman, Freddie Mac’s executive vice president of single-family. “We’re focused on delivering business results for our clients and helping them compete in today’s market – we call it The Freddie Edge.”

Andy Higginbotham, senior vice president and COO, said Freddie aims to help its clients reduce costs and increase efficiencies in order to stay competitive.

“We’re giving our clients that edge, providing advantages through our partnerships with them and best-in-class industry partners and we also continue to support the movement around Dual-AUS submission for a better borrower experience,” Higginbotham said.

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