Baleen Solutions, a leading fintech innovator, is proud to announce the expansion of its integration with Fannie Mae's Income Calculator to support evaluation of rental income. By automating the transcription of both self-employed and rental income data, this enhancement delivers greater efficiency and accuracy, while providing lenders with enforcement relief from representations and warranties on income calculation when using Fannie Mae’s Income Calculator. This ensures greater accuracy and reduces risk for lenders working with loan applicants who have complex income streams.
Calculating rental income has traditionally been a complex and error-prone process, especially for borrowers with multiple properties. While Baleen has long supported the processing of rental income calculation, Baleen's integration with Fannie Mae's Income Calculator streamlines this process further. This advancement not only saves time but also reduces the potential for manual errors and repurchase risk.
Fannie Mae has observed an uptick in repurchase requests for mortgages involving rental income. These requests occur when post-purchase reviews identify issues such as inaccuracies or non-compliance with guidelines, compelling lenders to buy back the loans. “We continue to look for ways to eliminate bottlenecks in the origination process and help address issues that may arise in downstream loan quality reviews,” said Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae. “Our tool solves a lender pain point to accurately calculate income and we’re excited to collaborate with technology service providers to make this tool widely available.”
"Our collaboration with Fannie Mae to support rental income calculations underscores our commitment to providing innovative solutions that address the evolving needs of lenders and to leverage opportunities in the lending ecosystem," said Ric Campeau, Co-founder of Baleen Solutions. "By automating and enhancing the accuracy of rental income assessments, we empower our clients to process loans more efficiently and with greater confidence."
This development builds upon Baleen's previous integration with Fannie Mae's Income Calculator, which focuses on streamlining income calculation for self-employed borrowers. The addition of rental income support further solidifies Baleen's position as a pioneer in delivering comprehensive solutions that enhance the mortgage lending process.
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