Gateless announced its integration with Fannie Mae's Income Calculator. This strategic collaboration enables mortgage lenders to quickly and accurately calculate income from self-employment, business ownership, or rental properties, with the speed and certainty offered by Fannie Mae. Lenders will benefit from increased opportunities tied to the real-time calculation of qualified income, like operational efficiency, accelerated borrower experience, and lender certainty.
These calculations are eligible for rep and warrant relief from Fannie Mae, enabling lenders to originate loans with greater confidence and minimize risk exposure. Gateless customers can now take advantage of a strategic integration with Fannie Mae through automated underwriting solution, Smart Underwrite®?, and income verification solution, VeriClear??. Leveraging Gateless' advanced optical character recognition (OCR) technology, robust direct-source integrations, and powerful underwriting rules engine, lenders can automate complex income calculations and underwrite loans with greater accuracy -- streamlining workflows, enhancing data integrity, and reducing the risk of defects.
Smart Underwrite®? delivers end-to-end underwriting automation that begins at the point of sale. It analyzes and interprets both documents and data the moment they're received, calculating income in real time, clearing conditions, and enabling faster underwriting decisions with minimal manual input.
With the integration of Fannie Mae's Income Calculator, Smart Underwrite®? customers now gain even greater confidence in income analysis, particularly for self-employed borrowers. Income Calculator uses tax return data and current Fannie Mae Selling Guide requirements to deliver an accurate monthly income calculation and actionable insights, helping reduce common errors and simplify the underwriting process.
When a lender uses Income Calculator, they are eligible to receive enforcement relief from representations and warranties for the income calculation on conventional loans. Gateless' integration delivers clear, actionable reports and minimizes manual intervention throughout the income verification process. This advancement enhances operational efficiency and improves customer experience by speeding up loan decisions, reducing the risk of post-purchase loan defects and repurchase incidents.
