CoreLogic®, a leading global property data and analytics-driven solutions provider, has announced that the AutomatIQ™ Borrower™ Income Analysis solution is now integrated with Fannie Mae’s Income Calculator. As a result of this new enhancement, mortgage lenders will be able to calculate borrower income faster, more accurately and in compliance with Fannie Mae investor guidelines.
AutomatIQ Borrower Income Analysis is an API-enabled, intuitive workflow solution for automating, analyzing and calculating borrowers’ income. It now offers a fully integrated experience with Fannie Mae’s income calculator tool. This integration allows lenders using AutomatIQ Borrower Income Analysis to originate loans with confidence by ensuring that self-employment income is calculated according to the standards described in Fannie Mae’s Selling Guide. As a result, lenders can increase certainty in loan quality and are also eligible for rep and warrant relief for self-employment income calculation, reducing repurchase risk.
“AutomatIQ Borrower Income Analysis has improved significantly through this collaboration with Fannie Mae,” said Praveen Chandramohan, executive, Origination Solutions at CoreLogic. “We are now able to provide lenders with a single solution for analyzing and calculating qualifying income for a loan across the borrower(s) complexity spectrum – from simple wage earners to highly complex self-employed borrowers. We can do this in a fraction of the time previously required. With this announcement, we are advancing our strategic vision of automating the simple and simplifying the complex in the mortgage origination workflow.”
“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.”
Verification and calculating a borrower’s income have traditionally been a manual, complex and time-consuming process characterized by inconsistent results and inefficiencies. With AutomatIQ Borrower Income Analysis, lenders can achieve more consistency in less time by automating, streamlining and standardizing their existing processes to provide a better and more transparent customer experience.
