The collaboration aims to reduce operational costs related to income verification
LoanBeam announced that it is collaborating with Freddie Mac to improve the income verification process for the mortgage industry.
LoanBeam provides automated income extraction and calculation technology that combines investor-based calculation guidance, digital data, and optical character recognition.
The technology offers accurate income interpretation and calculation directly from the income documents submitted by the borrower. Through digital and/or optical character recognition, LoanBeam is able to verify incomes based on paystubs, 1040, W-2, tax transcripts, and full tax returns.
“We are pleased to be working with Freddie Mac on this state-of-the-art solution, as we collaborate to bring best-of-breed technologies to their customers, while driving reduced operational costs and delivering a superior borrower experience,” LoanBeam President Kirk Donaldson said. “LoanBeam's capabilities, quality, and accuracy have been validated by Freddie Mac.”
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LoanBeam provides automated income extraction and calculation technology that combines investor-based calculation guidance, digital data, and optical character recognition.
The technology offers accurate income interpretation and calculation directly from the income documents submitted by the borrower. Through digital and/or optical character recognition, LoanBeam is able to verify incomes based on paystubs, 1040, W-2, tax transcripts, and full tax returns.
“We are pleased to be working with Freddie Mac on this state-of-the-art solution, as we collaborate to bring best-of-breed technologies to their customers, while driving reduced operational costs and delivering a superior borrower experience,” LoanBeam President Kirk Donaldson said. “LoanBeam's capabilities, quality, and accuracy have been validated by Freddie Mac.”
Related stories:
Digital revolution is speeding up mortgage process
Mortech integrates with MortgageHippo for real-time pricing
