Self-Employed Borrowers Can Expect Speedier Approvals
Baleen Solutions, a rising star in the fintech industry, announced its integration with Fannie Mae’s new Income Calculator tool. Through the seamless alignment of its machine learning technology with Fannie Mae's Income Calculator, Baleen aims to revolutionize the loan qualification process for self-employed applicants.
In today's dynamic lending landscape, the calculation of income for self-employed individuals has long been a complex and time-consuming process for lenders. Recognizing these challenges, Fannie Mae's Income Calculator accelerates the evaluation of self-employed applicants' income for mortgage qualification. Using Fannie Mae’s Income Calculator maximizes the borrower’s income which may result in better pricing & lower Debt to Income ratios and be eligible for rep and warrant relief for the income calculation.
Baleen Lending now makes Income Calculator even more accessible to lenders by automating manual data entry to give lenders more time to focus on their customers and growing their business. Baleen’s proprietary technology converts tax documents uploaded by lenders into a streamlined file format, which can then be effortlessly uploaded into Fannie Mae's Income Calculator tool, significantly increasing accuracy, and reducing time and effort compared to manual data transcription and verification. Combined with existing benefits, like effortless navigation through cash flows, automatic identification of missing forms, identification of less common add-backs, and flagging of common underwriting questions, Baleen is helping expedite loan approvals and enhancing the overall borrower experience.
"We are delighted to join forces with Fannie Mae to revolutionize the way lenders assess the income of self-employed individuals," said Ric Campeau, Cofounder of Baleen Solutions. "By combining Fannie Mae's expertise with Baleen's innovative technology, we aim to streamline the lending process, making lending more accessible for filers with self-employed income."
“Fannie Mae strives to make the origination process more efficient and to help lenders avoid issues that potentially may arise in downstream loan quality reviews,” said Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae. “Working with technology service providers will continue to make Income Calculator widely available, assisting lenders to avoid these pain points to accurately calculate income for self-employed borrowers.”
This represents a significant milestone in mortgage lending. By simplifying the income verification process for self-employed applicants, this functionality promises to unlock new opportunities for homeownership and fiscal security.
For more information about Baleen Solutions and its innovative offerings, please visit baleensolutions.com.
About Baleen Solutions:
Baleen Solutions is a leading service provider in the fintech industry, specializing in innovative solutions for lenders, tax, and wealth management. With a commitment to driving efficiency and accessibility to decisions, Baleen leverages cutting-edge technology to streamline critical processes and empower partners to thrive in today's competitive marketplace.
Media Contact: media@baleensolutions.com
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