Over the years, Freddie Mac has added automated offerings to LPA, such as Automated Collateral Assessment (ACE), which Freddie Mac’s proprietary models use along with historical data and public records to waive assessment in certain situations
In the past few years, Freddie Mac has also helped his lender and client partners incorporate a pre-digital digital experience into the graduation table.
Oliver said, “There was more appetite for what I call a true end-to-end digital mortgage, including a digital degree – allowing the borrower to complete a loan from home with an online remote legalization.”
Freddie Mac got this feedback directly from his customers, who got it directly from their customers – the borrowers. It’s so important to keep your finger on the pulse of the industry by listening to what they want, he noted. “Consumers often wonder why they have to go through every step of the process to get a home loan electronically and then show up somewhere to sign a bunch of papers. (They ask) ‘What is the point if I can do everything electronically up to the final table?’ “
With a mortgage technology market reportedly worth more than $ 10 billion today, the potential for even greater growth from implementing more sophisticated technologies cannot be ignored, Oliver added.