GlobeNewswire Inc | Mar 18, 2021 10:30AM EDT

March 18, 2021

MCLEAN, Va., March 18, 2021 (GLOBE NEWSWIRE) -- Freddie Mac(OTCQB: FMCC)announced today that automated payroll income verification is broadly available to lenders so they can reduce the documentation burden on borrowers, close loans faster and simplify the lending process while meeting its strong credit underwriting standards.

With the addition of Finicity, Freddie Macs clients have another option when choosing a payroll provider for verification of a mortgage applicants income through its Loan Product Advisor (LPASM) asset and income modeler (AIM).

This is another win for borrowers and lenders as we continue our industry-leading advancements toward a true digital mortgage experience, said Andy Higginbotham, Single-Family Chief Operating Officer at Freddie Mac. Broad adoption of these digital solutions through LPA is helping our clients grow their business and provide todays borrowers with a vastly improved mortgage experience whether theyre refinancing their current mortgage or buying a new home.

Freddie Mac's commitment to simplifying the mortgage experience, while providing best-in-class technology to enable its clients decisioning, is significantly driving the adoption of a fully digital mortgage, said Lisa Kimball, SVP Product and Strategic Programs at Finicity. Working with Freddie Mac on income verification that takes minutes and not days delivers a better experience for borrowers and lenders alike, while promoting accuracy and improvement to the bottom line."

In addition to payroll data for salaried employees, lenders can also now receive confirmation through LPA that a self-employed borrowers tax transcript data matches data from their IRS tax return processed through LoanBeam. Since 2019, Freddie Macs clients have been leveraging LoanBeam through LPA to enable the automation of income calculations for self-employed borrowers on Sole Proprietorships, S-Corporations and Partnerships.

We are excited to extend our collaboration with Freddie Mac to include our latest product, APPSolute Transcripts, said Steve Puckett, LoanBeams CEO. This latest LPA integration will pair nicely with our APPSolute Tax integration to reduce income uncertainty faster than ever before.

With todays announcement, Freddie Mac is also adding CoreLogic and LoanCraft as third-party service providers to its AIM for self-employed solution to give clients even more options.

To learn more about Freddie Mac Loan Product Advisor, and how it can aid a lenders mortgage origination experience, visit http://www.freddiemac.com/loanadvisorsuite/loanproductadvisor/

About Freddie MacFreddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, weve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Macs blog FreddieMac.com/blog.

MEDIA CONTACT: Chad Wandler703-903-2446Chad_Wandler@FreddieMac.com