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Digital lending platform, Lendsmart, announced they have integrated with Freddie Mac Loan Product Advisor (LPA), the company's automated underwriting system (AUS).
Lendsmart’s platform unifies all the parties involved while automating manual tasks, improving accuracy, and minimizing lender risks. This platform is also known to reduce origination and operational costs. Overall, the technology will allow borrowers to get a loan, refinance, or purchase a home much easier. Lenders will also enjoy the benefits of saving time and reducing costs.
Founder and CEO of Lendsmart, AK Patel, said,“Lendsmart’s software predicts the credit and underwriting conditions required in the loan origination process by pinning them to a borrower’s data in real-time, rather than making the borrower wait 45 days to get an email from the underwriter. We’re also shaving off weeks in the letter of explanation process.”
“Today’s lenders and borrowers expect a seamless digital process that isn’t burdened with administrative tasks or excessive timelines,” said Kevin Kauffman, vice president of business partner integration at Freddie Mac. “Partnering with Lendsmart allows Freddie Mac to provide the latest in technology that satisfies our mutual clients’ needs.”
By using artificial intelligence to digitize up to 70% of the lending and home buying processes, Lendsmart improves the mortgage buying experience for all parties involved.
For more information, visit https://lendsmart.ai.