Experian offers Instant Income and Employment Verification Through Freddie Mac’s Loan Product Advisor® Asset and Income Modeler (AIM)

Rhea-AI Summary

Experian has enhanced the mortgage verification process by integrating Experian Verify™ with Freddie Mac’s Loan Product Advisor. This partnership enables mortgage lenders to quickly verify borrower income and employment using up-to-date payroll data, offering a more efficient experience for both lenders and borrowers. The integration aims to streamline loan origination by automating traditionally manual processes. Experian is also now an authorized report supplier for Fannie Mae’s Desktop Underwriter, solidifying its position as a key player in the market. This dual authorization positions Experian uniquely among service providers for government-sponsored enterprises (GSEs).

Positive

• Integration with Freddie Mac's Loan Product Advisor for enhanced efficiency.
• Use of up-to-date payroll data improves accuracy in income verification.
• Experian becomes an authorized report supplier for both Freddie Mac and Fannie Mae, increasing market credibility.

Negative

• None.

Mortgage lenders can now instantly verify borrower income and employment information with Experian Verify™

COSTA MESA, Calif.--(BUSINESS WIRE)-- In a move to provide mortgage lenders and borrowers a more efficient and streamlined verification experience, Experian^® today announced Experian Verify™ can now be accessed through Freddie Mac’s Loan Product Advisor^® asset and income modeler (AIM). The move gives mortgage lenders the opportunity to leverage the most up-to-date employer payroll data to verify income and employment information while delivering a frictionless experience for borrowers.

“Ensuring mortgage lenders have access to the most reliable and accurate information available to make confident lending decisions is important at any time, and this is especially true in our current environment,” said Michele Bodda, President of Experian Mortgage, Verification Solutions and Employer Services. “This new partnership with Freddie Mac is another important milestone in our journey to unlock the modern mortgage. Together, we can help ensure more lenders have instant access to the best insights while improving the homebuying experience for borrowers.”

AIM provides lenders with a simpler and more efficient loan origination process by leveraging third-party service providers like Experian to automate traditionally manual processes for assessing borrower income and employment. The addition of Experian Verify provides lenders with new options while adding an additional layer of flexibility and ease to the verification process.

“Partnering with third-party service providers like Experian ensures we can deliver the best tools and insights the industry has to offer,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships. “This collaboration will assist lenders with quickly and easily obtaining income and employment verification.”

Coupled with Experian’s recent move to become an authorized report supplier for Fannie Mae’s Desktop Underwriter^® (DU^®) validation service, this move makes Experian one of the few providers who are authorized report suppliers for both government-sponsored enterprises (GSEs).

To learn more about Experian’s income and employment verification solutions, please visit www.experian.com/verify-mortgage.

About Experian

Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. Giving lenders more options for the kinds of tools they can use when making mortgage decisions

View source version on businesswire.com: https://www.businesswire.com/news/home/20230222005264/en/

Amanda Garofalo

Experian Public Relations

1 714 460 3739

amanda.garofalo@experian.com

Source: Experian

FAQ

What recent partnership did Experian announce regarding mortgage verification?

Experian announced a partnership with Freddie Mac to integrate Experian Verify™ with Freddie Mac’s Loan Product Advisor for streamlined borrower income verification.

How does Experian Verify™ improve the mortgage lending process?

Experian Verify™ allows lenders to instantly verify borrower income and employment using real-time payroll data, enhancing the efficiency of the loan origination process.

Is Experian an authorized report supplier for government-sponsored enterprises?

Yes, Experian is now an authorized report supplier for both Freddie Mac and Fannie Mae.

What benefits does the integration of Experian Verify™ provide to lenders?

The integration provides lenders with quicker access to reliable information, promoting confidence in lending decisions and improving the overall homebuying experience.