Industry Briefs, May 14, 2024
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Fannie Mae Expands Income Calculator Tool
Fannie Mae announced enhancements to its Income Calculator tool, allowing lenders and other originators to leverage the tool for calculation of self-employment income.
There’s a new web interface to provide an additional and free avenue to access the tool, first introduced in 2023. Lenders can still partner with one of Fannie Mae’s authorized third-party technology service providers to automate the calculation of self-employment income streams during the underwriting process.
The service uses tax return data to calculate monthly income using current selling guide requirements before the lender submits the loan casefile to Fannie Mae, and provides the monthly qualifying income amount along with messages to originators to help avoid common calculation and documentation issues.
Experian Launches Cashflow Attributes
Experian, Costa Mesa, Calif., announced the launch of Cashflow Attributes, a solution to help expand access to credit, particularly for thin-file and credit-invisible customers.
Experian’s cashflow insights include more than 900 income, cashflow and affordability attributes.
Lenders can request Cashflow Attributes by providing depersonalized transaction information from their customers or with consumer-permissioned account information from other banks. Experian then analyzes and categorizes the information using its proprietary categorization model, and reports information back to the lender.
Panorama Mortgage Group Offers New 1st Generation Homebuyer Program
Panorama Mortgage Group, Las Vegas, announced a new loan program for first-generation, first-time homebuyers with 1% down payments and 2% grant down payment assistance, dubbed the “1st Gen Loan Program.”
Among other highlights, the 2% grant does not have to be repaid by the borrower, Panorama noted.
There are no property location or census tract constraints, which makes the program eligible within PMG’s nationwide footprint.
ACES Quality Management Partners With Infrrd
ACES Quality Management, Denver, announced a partnership with Infrrd, San Jose, Calif., to provide ACES users with intelligent document processing.
When used in conjunction with ACES software, Infrrd’s technology can help lenders improve their QC efficiency by indexing, categorizing and reviewing the accuracy of loan file documents prior to review.
Infrrd’s QC tool offers a number of functionalities, including automated detection of data discrepancies across loan documents and electronic files and classification, stacking and extraction of key data points from the loan package.
Dark Matter Empower LOS Tapped by Monterra Credit Union
The Dark Matter Technologies, Jacksonville, Fla., Empower loan origination system was selected by Monterra Credit Union, Redwood City, Calif.
Monterra Credit Union has selected the LOS for mortgage loan, home equity loan and home equity line of credit originations.
Monterra Credit Union cited the Empower system’s self-service configurability, integrations, customer relationship platforms and support for digital closings as factors it considered in making the selection.
