MCLEAN, Va: WEI Technology LLC, announced that it has joined forces with Freddie Mac to integrate its LendingPad® system with the GSE's asset and income assessment solution delivered through Loan Product Advisor®, its automated underwriting system which provides a faster, easier way for lenders to verify loan application data.
"LendingPad's capabilities should excite mortgage lenders who are looking to improve their loan process," said Wes Yuan, Managing Director at WEI Technology. "LendingPad and Freddie Mac are collaborating to provide their joint clients with greater efficiency to originate more loans, lower origination costs and reduce processing time."
LendingPad's capabilities are immediately accessible through asset and income modeler (AIM), Freddie Mac's automated asset and income assessment solution, available in Loan Product Advisor. Options include the entry of reference numbers available through vendors such as The Work Number and FormFree.
"LendingPad's expertise, combined with Loan Product Advisor's, superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers," said Rick Lang, Freddie Mac, Vice President, Loan Advisor Strategy Integration. "This innovation provides our clients with a much-needed competitive advantage – The Freddie EdgeSM – that reduces drag in today's fast-paced housing market."