The collaboration aims to mitigate buy-back risks related to qualifying income
LoanBeam and Freddie Mac have announced expanding their partnership to streamline the lending process for self-employed borrowers.
The firms recently announced that Freddie will integrate its IRS and tax transcript data with LoanBeam's Loan Product Advisor (LPA) for self-employed offering to their mutual clients.
"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 LoanBeam founder Kirk Donaldson. "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."
Through LPA AIM, LoanBeam enables mortgage lenders to enhance their process flow and be more confident that the income calculations and income data are accurate – mitigating buy-back risks related to qualifying income.
LoanBeam's LPA will also 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 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."
LoanBeam and Freddie Mac will roll out the integration of the new IRS data sources this fall.
