Freddie Mac is reimagining the mortgage experience through the Automated Income Assessment Program. The program gives lenders the ability to leverage third party service providers, such as Equifax, through automation designed to reduce documentation and speed up the loan origination process. Key benefits:
Cost and time savings
Improved borrower experience
Rep and warranty relief
when the data meets underwriting and eligibility requirements
As the first provider of instant income verification, via The Work Number®, for the income assessment portion of the Freddie Mac program, Equifax helps reduce borrower-supplied paperwork and enable a frictionless consumer experience.
In order to leverage verification solutions from Equifax to participate in the Freddie Mac Income Assessment Program, lenders must officially “opt-in” with Equifax. Once opted in, Equifax is able to provide audit copies of completed verifications to Freddie Mac through the Audit By Loan Number, or ABLN, process.