Lendsmart, an AI-powered digital lending platform, is integrated with Freddie Mac Loan Product Advisor, the GSE’s Automated Underwriting System (AUS).
Lendsmart’s software predicts the credit and underwriting conditions required in the loan-providing process by pinning them to a borrower’s records in real time, rather than making the borrower wait 45 days for an email. mail from the insurer,” said AK Patel, founder and CEO of Lendsmart. “We also shave weeks off in the explanation letter process.”
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Lendsmart’s centralized platform unifies all parties involved, while also automating manual tasks, improving accuracy, minimizing lender risk and lowering production and operational costs, the company says. The partnership will accelerate Lendsmart’s efforts to enable more borrowers to obtain a loan, refinance or purchase a home, while saving time and reducing formation costs for lenders.
“Today’s lenders and borrowers expect a seamless digital process that isn’t burdened with administrative tasks or excessive timelines,” said Kevin Kauffman, single-family vice president of business partner integration at Freddie Mac. “By partnering with Lendsmart, Freddie Mac can deliver the latest technology to meet the needs of our mutual customers.”