With the number of freelancers and contracted employees on the rise, Dallas-based LoanBeam and Freddie Mac are joining digital forces to make home-buying easy. But, also, LoanBeam and Fannie Mae are teaming up to launch a new workbook that will simplify self-employment calculations and give users a sense of certainty when using the Fannie Mae Selling Guide.
“We always put our customers at the center of what we do. Our customers asked us to innovate around self-employed income and we listened.”
LoanBeam’s software helps automate income calculation when applying for a mortgage application process using big data partners, advanced scanning tech, and its patented algorithms. Now, with its Freddie Mac and Fannie Mae partnerships, LoanBeam is making applying for a mortgage easy for self-employed workers and contractors.
LoanBeam recently integrated Freddie Mac Loan Product Advisor technology, which lets mortgage lenders use LoanBeam’s income verification and calculation technology to use toward for self-employed borrowers. The partnership not only improves efficiency, but it also marks a historical milestone: lenders, for the first time, are able to use integrated technologies to obtain income representation and warranty relief on loans for self-employed borrowers.
Freddie Mac vice president Rick Lang praised the move, saying that “simplifying the mortgage experience for self-employed borrowers gives lenders a competitive advantage.”
LoanBeam also joined forces with Fannie Mae, the Federal National Mortgage Association, to create the “FNMA SEI 1084” workbook, which is slated for release by the end of 2018. The workbook will help customers simplify the self-employment income calculation process and feel certain that their calculations aligns with the Fannie Mae Selling Guide.
Henry Cason, Fannie Mae Senior Vice President and Head of Digital Products, said the organization is excited about delivering the solution to the market so quickly.
“We always put our customers at the center of what we do. Our customers asked us to innovate around self-employed income and we listened,” Cason said.
Kirk Donaldson, LoanBeam’s CEO, said in a statement that the collaboration was a “great win for our customers,” praising Fannie Mae’s commitment to aligning the workbook to its selling guide.
Freddie Mac has a regional office in Carrollton, and Fannie Mae has an office in Plano. LoanBeam is based in Dallas.
In a company blog post from earlier this year, LoanBeam cited a study by Freelancers Union and Upwork that forecast the number of people doing freelance work will increase from 57.3 million in 2017 to 86 million over the next decade, surpassing the number of people who do not freelance.
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