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The mortgage industry has changed drastically in the last five years in terms of automation.
Once a common practice, paper-based verifications, in-person closings, and lack of industry data standards have progressively given way to today’s innovative high-tech solutions across the origination process.
Freddie Mac has been at the head throughout, introducing automated asset and revenue solutions, facilitating remote electronic closings via its eMortgage purchase program, as well as innovative API solutions that allow the surge of information without heavy integrations, to name but three.
Loan Product Advisor® (LPASM), the development of Freddie Mac’s automated underwriting system, again imagined the origination process in 2016.
Since then, thanks to it and its automated capabilities, roughly $395 million have been saved in processing expenses and $663 million by borrowers in appraisal fees alone.
Sam Oliver, Freddie Mac’s vice president of single-family product delivery, Sam Oliver, Stated on the company’s five-year track record.
“Around seven to 10 days are saved by lenders off processing timelines and taking advantage of appraisal waiver opportunities ensuing in straight consumer profit and cost savings in the origination process.”
It’s a distant cry from the early days when convincing lenders that they should renounce tried and tested but obsolete processes in favor of newer and more efficient tech-based systems was a job in itself, Oliver recalled.
Reference Source: MPA
