• Asset R6.2 For Mac

Verification of Deposits and Assets The lender can use any of the following types of documentation to verify that a borrower has sufficient funds for closing, down payment, and/or financial reserves:. Request for Verification of Deposit ( or ). The information must be requested directly from the depository institution, and the complete, signed, and dated document must be sent directly from the depository institution. Copies of bank statements or investment portfolio statements. The statements must cover the most recent full two-month period of account activity (60 days, or, if account information is reported on a quarterly basis, the most recent quarter). The statements must:. clearly identify the borrower as the account holder,.

include at least the last four digits of the account number,. include the time period covered by the statement,. include all deposits and withdrawal transactions (for depository accounts),.

include all purchase and sale transactions (for financial portfolio accounts), and. include the ending account balance. If the lender is the holder of the borrower's account, the lender may produce a printout or other alternative verification of the asset(s) directly from its system. The printout or alternative verification is acceptable as long as all required data (above) is supplied and documented.

Direct verification by a third-party asset verification vendor.

Freddie Mac is announcing a couple of enhancements to its Loan Advisor underwriting tool. The additional capabilities will allow lenders to automate the assessment of borrower income and assets to reduce documentation which the company says will significantly speed-up the approval process. There are several components to the advances which the company unveiled at the Mortgage Bankers Associations Annual Convention and Expo in Washington which began on Sunday. Automated collateral evaluation combined with collateral rep and warranty relief. Automated assessments for borrowers without credit scores. Automated asset and income validation. The automated collateral evaluation has been available in some form previously and with this announcement appears to be extended to condominium units.

It is unclear from Freddie Mac's announcement whether there will be additional capabilities or whether it is being expanded to more locations or properties. What the company says is, 'This new capability will speed up and lower the cost of the loan origination process for you and your borrowers. Our proprietary algorithms use historical data and public records to assess the condition and marketability risks associated with the property to determine if the value you provide is acceptable. Loans that qualify for ACE may receive relief from representations and warranties related to the property's value, condition and marketability.' Freddie Mac says the automated evaluation will speed up the loan closing by seven to ten days and save the borrower between $300 and $700 in appraisal costs. It could also save the borrower money over the life of the loan through a shorter lock-in period. The automated income and asset assessment capabilities will be available soon.

Asset R6.2 For Mac

Freddie Mac says this addition will allow lenders to link with Equifax, FormFree ®, Finicity, LoanBeam and Yodlee to automate the assessment. One of the new capabilities is an integrated solution for calculating self-employed borrower income. Freddie Mac says it is also introducing, Condo Project Advisor which allows mortgage lenders to originate loans for condominiums faster and more efficiently. 'Our clients face a number of challenges in today's market and need help in reducing costs and increasing efficiency so they can stay competitive,' said Andy Higginbotham, Senior Vice President, Chief Operating Officer. 'We're giving our clients that edge, providing advantages through our partnerships with them and best-in-class industry partners and we also continue to support the movement around Dual-AUS submission for a better borrower experience.' Additional information about these changes and their functionality is available.