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Cotality announced on Tuesday its integration with Freddie Mac’s AIM Check for Payroll API. The API, which provides a time-saving method to receive an automated income assessment from Loan Product Advisor (LPASM), helps to optimize the verification process, the company said.
Today’s integration with AIM Check API will enable lenders to use the AutomatIQ Borrower Income Analysis solution “to obtain and transmit digitized pay stub and W-2 data for LPA’s automated assessment of income and employment,” a release from Cotality shared.
“People are at the heart of the home-buying process, and we are empowering lenders to help them achieve their goals of affordable homeownership faster,” said Sri Gajjala, Cotality’s senior director, product management. “Integrating Cotality’s precise, real-time data with AIM Check API makes the mortgage process easier for lenders and borrowers, which creates a better experience for everyone.”
Using Cotality’s AutomatIQ Borrower Income Analysis, lenders can quickly assess a borrower’s income by looking at pay stubs, W-2s, and variable pay, such as commissions, bonuses, and overtime, in a single workflow, allowing lenders to have a monthly income amount that can be submitted to LPA.
“We’ve consistently rolled out innovations to ensure our digital tools are improving speed and efficiency while reducing risk,” said Daniel Miller, Freddie Mac’s single-family senior director of strategic technology partnerships. “Today’s innovation advances our goal to digitize the mortgage process and provide a seamless experience for lenders and borrowers.”
