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Seamless Integration of LoanBeam and Fannie Mae Income Calculator Revolutionizes Income Assessment for Self-Employed Borrowers, Enhancing Efficiency, Compliance, and Confidence for Lenders Nationwide.
JACKSONVILLE, Fla., October 28, 2024 – LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, is thrilled to announce the integration of its LoanBeam Income technology with Fannie Mae’s Income Calculator. This collaboration marks an step forward in automating income calculations for self-employed borrowers, enhancing efficiency and accuracy for lenders nationwide.
Connecting LoanBeam’s industry-leading income calculation technology with Fannie Mae’s Income Calculator represents a significant step forward in mortgage processing. LoanLogics’ LoanBeam Income technology leverages mortgage-trained optical character recognition, natural language processing models, and sophisticated algorithms to accurately read, extract, and calculate income from tax documents, delivering precise and reliable income data for self-employed borrowers. By aligning this technology with Fannie Mae’s Income Calculator, lenders can leverage existing methods (e.g., Loan Origination System integration) to seamlessly communicate income data to Fannie Mae for potential relief from representations and warranties on the income calculation, while reducing manual data entry and potential errors.
“This integration is exactly what lenders have been asking for,” said Roby Robertson, EVP of Marketing and Origination Technology Strategy at LoanLogics. “We are confident that connecting our network of lenders and technology partners to Fannie Mae’s Income Calculator will completely change how self-employed income is assessed.”
Key Benefits of the Integration:
Income Confidence — A direct integration into Fannie Mae’s Income Calculator provides lenders with the pre-close confidence they are looking for when calculating borrower income.
Streamlined Workflow — Lenders can now seamlessly import income data from LoanBeam into Fannie Mae’s Income Calculator, simplifying the income calculation process and reducing processing times.
Improved Compliance — By automating the income calculation process, the integration supports lenders in maintaining compliance with industry standards and regulations, mitigating the risk of errors and discrepancies.
Increased Efficiency — The integration reduces the need for manual data entry and calculation, allowing loan officers to focus on providing exceptional service to borrowers.
Rep and warrant relief — The enforcement relief from representations and warranties provided by Fannie Mae may reduce or eliminate the number of repurchase requests related to income calculation for loans delivered to Fannie Mae.
“We continue to look for ways to eliminate bottlenecks in the origination process and help address issues that may arise in downstream loan quality reviews,” said Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae. “Our latest tool solves a lender pain point to accurately calculate income for self-employed borrowers and we’re excited to collaborate with technology service providers to make this tool widely available.”
About LoanLogics
LoanLogics is a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition. The company’s mission is to create advanced solutions that ensure the accuracy, completeness, and compliance of loan transactions and the data and documents that support them. For more information, visit www.loanlogics.com (http://www.loanlogics.com).
