Freddie Mac (OTCQB: FMCC) today announced enhancements to its ground-breaking automated income assessment tool that allows lenders to assess a homebuyer’s income paid through direct deposit to also include the borrower’s digital paystub data. This detailed information can help lenders calculate income faster and more precisely to improve loan quality, simplify the mortgage process and, most importantly, expand access to credit.
“Over the last year, we’ve consistently rolled out innovations to ensure our digital tools are improving speed and efficiency, reducing risk and, ultimately, helping us serve our mission by reaching more qualified borrowers. Today’s innovation further automates income assessment by using historical direct deposit pay patterns and current gross income from recent paystubs, which can help more families achieve homeownership.”Kevin Kauffman, Single-Family Vice President of Seller Engagement at Freddie Mac.
This new AIM capability will be available to Freddie Mac-approved Sellers using Loan Product Advisor beginning June 7, 2023. Finicity, a Mastercard Company, is the initial service provider supporting Freddie Mac’s AIM for income using direct deposits plus paystub.
Read more about this inclusive innovation here.