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According to LoanCraft, its service uses data from tax returns and other documents to provide an easy-to-use, actionable income report. With the integration of the LoanCraft service and Loan Product Advisor asset and income modeler, lenders have the assurance of income representation and warranty, according to a press release.
“Our partnership with Freddie Mac supports our vision to offer a customizable report that gives stakeholders actionable information at the beginning of the approval process,” said Ron George, president and founder of LoanCraft. “Over the past five years, we have steadily grown to support many of Freddie Mac’s customers.”
The LoanCraft service can be implemented rapidly without set up fees and extensive training requirements, according to LoanCraft. Turn times for typical files are 4 hours or less and the report is easy to use and designed to improve communication between all stakeholders in the process.
“LoanCraft’s unique approach to the challenge of calculating self-employed income has become incredibly valuable in such a dynamic business environment,” said Kevin Kauffman, Single-Family, vice president of Business Partner Integration, at Freddie Mac. “LoanCraft’s OCR model supported by their own quality control and processing teams creates the flexibility to keep pace with the constantly evolving risk landscape, while providing us with the ability to quickly deliver results back to the lender closer to the point of sale.”