Mortgage lenders can now maximize loan fungibility in the secondary market with the launch of a single-click loan-data submission to the automated underwriting systems (AUS) of Fannie Mae and Freddie Mac.
The new functionality results from a collaborative effort between Cloudvirga and Freddie Mac. The submission feature will be available to Cloudvirga customers with Freddie Mac Loan Product Advisor's 4.8 release.
The dual-AUS submission automates the review of each GSEs' AUS' findings report. The functionality applies rules-based logic and predictive analytics to determine the best path for a loan without adding manual review tasks or interfering with a loan team's preferred origination workflow.
"We're empowering loan officers and back-office teams with data and augmented intelligence and making it effortless to deliver the best possible borrower experience while maximizing loan performance in the secondary market," Cloudvirga co-founder Kyle Kamrooz said.
According to Cloudvirga, loan officers can help borrowers save money and close loans faster by running loan data through the AUSs of both GSEs. If a loan does not qualify for an automated appraisal waiver from both GSEs, a borrower can avoid the appraisal and save anywhere from $300 to more than a thousand dollars and decrease the loan cycle period by days or weeks.
"Freddie Mac is committed to helping all lenders maximize loan fungibility while maintaining transactional ease, reducing origination costs, and improving the borrower experience," said Rick Lang, vice president for Loan Advisor Suite strategy and integration for the single-family business at Freddie Mac. "We're confident Cloudvirga's 'AUS agnostic' submission will demonstrate that selecting Loan Product Advisor on a per-loan basis will add value for both lenders and borrowers."