LoanCraft Collaborates with Freddie Mac to Provide Lenders With a Full-Service Option for Calculating Self-Employed Income
TROY, Mich.–(BUSINESS WIRE)–LoanCraft, a seasoned innovator in mortgage technology and architect of the LoanCraft income calculation service, a unique full-service approach to calculating borrower income, announced today that their service has been integrated with Freddie Mac’s automated underwriting system (AUS). The service uses data from tax returns and other documents to provide an easy-to-use, actionable income report. The integration of LoanCraft’s service with Loan Product Advisor® asset and income modeler (AIM) for self-employed can offer lenders the assurance of income representation and warranty relief and helps remove the underwriting bottleneck associated with computing self-employed income.
“Our partnership with Freddie Mac supports of our vision to offer a customizable report that gives stakeholders actionable information at the beginning of the approval process,” said Ron George, President and Founder of LoanCraft. “Over the past five years we have steadily grown to support many of Freddie Mac’s customers. We are thrilled to now collaborate with them on our mutual goal of improving self-employed loan originations.”
The LoanCraft service can be implemented rapidly without set up fees and extensive training requirements. Turn times for typical files are 4 hours or less and the report is easy to use and designed to improve communication between all stakeholders in the process.
“LoanCraft’s unique approach to the challenge of calculating self-employed income has become incredibly valuable in such a dynamic business environment,” said Kevin Kauffman, Single-Family, Vice President Business Partner Integration, at Freddie Mac. “LoanCraft’s OCR model supported by their own quality control and processing teams creates the flexibility to keep pace with the constantly evolving risk landscape, while providing us with the ability to quickly deliver results back to the lender closer to the point of sale. We are pleased to offer our lenders options to help streamline this often-challenging phase of the origination process.”
About LoanCraft
LoanCraft was founded in 2003 as an outsourced originator of real estate mortgage loans. Located in Troy, Michigan, they operate within a highly secure environment consistently approved by lenders and regulators. LoanCraft offers a variety of innovative technologies to address the common challenges facing lenders including: the LoanCraft income reporting service, pricing engine technology and a suite of web-based tools to provide loan officers with technology to manage leads from various aggregators. For more information, visit www.loancraft.net
Contacts
Dominic Spadafore
Executive Director of Business Development
dspadafore@loancraft.net
248-709-4454