Automated underwriting machines are becoming the trendiest product to hit the mortgage industry, with every new model promising faster and more accurate results. The latest happens to be Cakeforms Automated Underwriter For Mortgage Assistance.
The Cakeforms Automated Underwriter is a simple PDF file that borrowers can download from the Cakeforms website. The PDF is encoded with all guidelines for mortgage assistance – the same guidelines lenders and servicers must use. Cakeforms provides separate versions of the software for Fannie Mae, Freddie Mac and FHA mortgages. The cost is approximately $19.95 for one month, although the guidelines can change month to month.
“Waiting 60 to 120 days for your Lender to make a decision is the most frustrating thing about asking for help with your mortgage,” said Cakeforms CEO Allan Robinson. “Our software tells you which programs you qualify for and how to qualify for previously denied programs.”
Automated underwriters are nothing new to the industry, considering most loan officers typically use auto-underwriters to generate a pre-qualifying or pre-approval letter. However, the Cakeforms Automated Underwriter is the first mortgage assistance that’s tailored to the public.
“Fannie Mae, Freddie Mac, and FHA have released new mortgage assistance programs designed to transition homeowners from the millions of expiring forbearance agreements and to accelerate the COVID-19 recovery,” Robinson goes on to say. “These are the most aggressive programs ever at keeping borrowers in their homes by offering historically low interest rates, and incentives. And our software will help homeowners get approved for these programs.”
The Cakeforms Automated Underwriter covers forbearance agreements, repayment and reinstallment plans, deferrals, partial claims, advance loan modifications, and more. Who said you can’t bake a cake and eat it too? All borrowers have to do is enter their information and they'll be able to know whether they qualify for a loan modification or another program in just 3 minutes.
