LoanBeam partners with Freddie Mac for mortgage income verification

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LoanBeam announced that it is collaborating with Freddie Mac to improve the income verification process for the mortgage industry.

LoanBeam provides automated income extraction and calculation technology that combines investor-based calculation guidance, digital data, and optical character recognition.

The technology offers accurate income interpretation and calculation directly from the income documents submitted by the borrower. Through digital and/or optical character recognition, LoanBeam is able to verify incomes based on paystubs, 1040, W-2, tax transcripts, and full tax returns.

“We are pleased to be working with Freddie Mac on this state-of-the-art solution, as we collaborate to bring best-of-breed technologies to their customers, while driving reduced operational costs and delivering a superior borrower experience,” LoanBeam President Kirk Donaldson said. “LoanBeam’s capabilities, quality, and accuracy have been validated by Freddie Mac.”

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