Lendsmart Integrates with Freddie Mac Loan Product Advisor® to Expedite the Underwriting Process
- Artificial Intelligence
- 13.07.2021 05:00 pm
Lendsmart, an AI-driven digital lending platform, today announced they have integrated with Freddie Mac Loan Product Advisor® (LPASM), the company’s automated underwriting system (AUS).
Freddie Mac and Lendsmart are working together to better serve and exceed customer expectations by improving the borrower experience and loan origination cycle.
“Lendsmart’s software predicts the credit and underwriting conditions required in the loan origination process by pinning them to a borrower’s data in real-time, rather than making the borrower wait 45 days to get an email from the underwriter,” said AK Patel, founder and chief executive officer of Lendsmart. “We’re also shaving off weeks in the letter of explanation process.”
Lendsmart’s centralized platform unifies all parties involved while also automating manual tasks, improving accuracy, minimizing lender risk, and reducing origination and operational costs.The partnership will accelerate Lendsmart’s efforts to allow more borrowers to get a loan, refinance, or purchase a home, while saving time and reducing the origination 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. “Partnering with Lendsmart allows Freddie Mac to provide the latest in technology that satisfies our mutual clients’ needs.”.
Lendsmart is looking forward to building its relationship with Freddie Mac and advancing their shared goal of revolutionizing the digital lending experience for its customers.