AIM provides these cost-saving efficiencies to lenders, while continuing to meet Freddie Mac’s strong credit underwriting standards. In addition, AIM can assess an applicant’s income from tax return data for self-employed individuals, a capability the company pioneered in 2019. Today, AIM can assess more income sources than ever, including for individuals with fixed incomes or alternative income sources, such as retirement, Social Security, Veteran Affairs benefits, alimony, and child support.
FREDDIE MAC INTEREST RATE FORECAST MANUAL
They also reduce manual underwriting errors and delays created by the back-and-forth document paperchase.”įreddie Mac recently unveiled the industry’s first automated-assessment of direct deposit income, now available across the country. “These enhancements to our underwriting system increase accuracy and reduce fraud by sourcing bank account data. “Freddie Mac’s focus on risk management is critical to delivering on our mission in all economic cycles,” said Terri Merlino, Freddie Mac Single-Family Chief Credit Officer. In addition, these efficiencies translate into a 30 percent reduction in loan origination costs, greater customer satisfaction, and an increase in applications being completed and closed.
This provides lenders a more efficient option than obtaining oral or written verification of employment prior to closing.Ī recent Freddie Mac study found that by adopting automated offerings (like AIM), lenders are able to significantly boost efficiency and shorten cycle times by as much as 15 days. The capability provides the borrower’s current employment status using borrower-approved bank account (direct deposit) or payroll data obtained from designated third-party service providers. AIM’s newest enhancement, the automation of 10-day pre-closing verification (PCV) of employment, will be available June 1, 2022.
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