Fannie Mae and Freddie Mac’s New Technology is Going to Change Everything
On Q Financial is poised to revolutionize the mortgage industry through innovation, and to provide an accelerated, elevated experience for our customers. As Fannie Mae previously announced their enhancements for end of year, Freddie Mac is following up with similar updates in the Spring of 2017.
“We are excited that Freddie Mac has added new technical capabilities to the loan process, designed to cut costs and make things more convenient for the consumer. This directly supports our focus on making mortgages simple, quick and easy.” says On Q Financial President and CEO, John Bergman.
Freddie Mac’s new enhancements coming soon to On Q:
- Appraisal waiver, saving the customer the cost of the appraisal
- Automated borrower income verification
- Automated borrower asset verification
- Automated assessment of borrowers credit score
“As the cost of originating a mortgage has more than doubled since before the financial crisis, we’re collaborating with lenders to create innovative tools that reduce the costs of producing and selling high-quality loans to us.” stated David Lowman, executive VP of Freddie Mac’s Single-Family Business in Freddie Mac’s Announcement.
This is great news for anyone looking to purchase or refinance a home! These updates will allow On Q Financial to make the path to loan approval easier.
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