Gateless Integrates with Freddie Mac to Offer First of its Kind Income Verification Solution
As an authorized integrator with Freddie Mac's AIM Check API, Gateless solutions will support calculation of qualified income via automated extraction and analysis of W-2 and paystub data.
CHICAGO, Feb. 7, 2024 /PRNewswire/ -- Gateless, a visionary mortgage technology company, proudly announces its integration with Freddie Mac's AIM Check application programing interface (API). This integration links Gateless' intelligent automation products with Freddie Mac's AIM Check API allowing lenders to benefit from an early income assessment from Loan Product Advisor® (LPASM). Lenders will benefit from increased opportunities tied to the real-time calculation of qualified income, and the inherent operational efficiency, accelerated borrower experience, and lender certainty, which comes with that calculation.
Gateless customers can take advantage of this opportunity by leveraging either its flagship product Smart Underwrite™, or its latest offering VeriClear™. Smart Underwrite™ is a comprehensive solution which embeds underwriting automation, beginning at the point of sale, driving real-time interpretation, analysis, and calculation of data and documentation the second that information is received. The results: underwriting conditions cleared, and underwriting decisions made, with limited human involvement, in a fraction of the time. This integration with AIM Check now gives Smart Underwrite™ customers the added piece of mind that comes with LPA's automated calculation of qualifying income tied to data extracted from borrower supplied documents, starting with W-2s and paystubs.
For Gateless customers not ready to fully embrace the future f mortgage originations, and the level of end-to-end platform automation offered by Smart Underwrite™, Gateless offers VeriClear™, a lighter weight, lower cost product that simply addresses income analysis and calculation. Like Smart Underwrite™, VeriClear™ users will have the opportunity to receive LPA's calculation of qualifying income associated with data extracted from W-2s and paystubs.
"We're truly excited about our collaboration with Gateless and this opportunity to expand access to LPA's capabilities," shared Kevin Kauffman, Freddie Mac Single-Family Vice President, and Head of Seller Engagement. "More importantly, Gateless' approach to solving industry challenges inherently aligns with Freddie Mac's efforts to help lenders drive down the cost to originate, elevate loan quality, and make homeownership more achievable for all."
"After spending two years, heads down, building what we believe to be business transforming solutions, this collaboration with Freddie Mac, further validates our work at Gateless," said Rick Lang, Gateless President. He added, "while data extraction tied to borrower supplied documentation represents only a fraction of our capabilities, we believe this integration lays the foundation for ongoing collaboration with Freddie Mac, as well as other industry partners, as we strive to perfect loan manufacturing quality, through intelligent automation."
This new capability will be available to Freddie Mac-approved Sellers using LPA beginning February 7, 2024. Gateless is the initial service provider to supply, on behalf of its customers, data sourced directly from paystub(s) and W-2 form(s) for assessment by LPA asset and income modeler (AIM) for income using employment data To learn more, visit the AIM webpage.
About Gateless, Inc.
Gateless, an innovative mortgage technology company, combines unmatched industry knowledge, expert systems, robotic process automation (RPA), and patent pending machine learning and vision-based AI to create solutions that will forever change the way mortgages are originated. Founded in late 2020, the company is on a mission to simplify mortgage lending and transform the borrower experience through intelligent, real-time, automation. To learn more or demo our solutions, visit www.gateless.com and follow us on social media at LinkedIn.
Twitter: @Gateless @FreddieMac #mortgage #mortgageindustry #fintech #digitalmortgage
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