- Lenders can save 5-7 days and 60-80% in costs over legacy VOIE providers while gaining the potential for rep and warranty relief - NEW YORK CITY, N.Y., Aug.
20, 2024 (SEND2PRESS NEWSWIRE) — Argyle , a platform providing real-time income and employment verifications for some of the largest lenders in the United States, is now an approved third-party service provider supporting Freddie Mac’s Loan Product Advisor® (LPASM) asset and income modeler (AIM) , a solution that simplifies the mortgage underwriting process for lenders. Argyle’s verification of income and employment (VOIE) solution, which includes reports, pay stubs and W-2s, saves lenders 5–7 days per loan and 60–80% in costs compared to legacy VOIE providers. Effective immediately, lenders using Argyle’s verification services will be eligible for automatic assessment of income and employment, including 10-day pre-closing verifications, through AIM.
By submitting Argyle’s reference number to LPA, lenders can receive an immediate assessment of eligibility for representation and warranty relief for the income calculation and accuracy and integrity of the data. “Argyle is proud to collaborate with Freddie Mac to offer a comprehensive and efficient industry-leading solution for income and employment verification,” said Argyle COO Brian Geary. “By automatically retrieving income data from a borrower’s payroll accounts, our platform helps lenders close high-quality loans more quickly while reducing origination costs and improving loan quality.
This solution is timely, especially as the industry faces increasing origination costs that erode already razor-thin margins.” “Our latest research shows the cost to originate has increased 35% since 2021. When lenders maximize LPA’s digital capabilities like AIM, they can save $1,500 per loan,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Partnerships.
“We’re excited to welcome Argyle as a service provider supporting AIM, so we can help lenders drive down costs through digital innovation.” For more information about Argyle’s integrations with automated underwriting systems (AUS), visit https://www.argyle.
com/blog/freddie-mac-aim-provider/ . About Argyle: Founded in 2018, Argyle is the leading provider of real-time income and employment verifications. As an authorized report supplier for Fannie Mae’s Desktop Underwriter® validation service and an approved service provider supporting Freddie Mac’s Loan Product Advisor® asset and income modeler (AIM), Argyle empowers mortgage lenders to auto-retrieve paystubs and W-2s, understand consumers’ ability to pay and improve loan quality—all at 60–80% less cost.
Argyle’s commitment to innovation is backed by investors including Bain Capital Ventures, SignalFire, Checkr and Rockefeller Asset Management. For more information on Argyle’s industry-leading platform, please visit https://argyle.com/ .
To stay up to date on all Argyle news, sign up for our newsletter here: https://argyle.com/blog/ . Tags: @withArgyle @FreddieMac #fintech #financialservices #innovation #mortgage #mortgagelending Brand Assets: https://brand.
argyle.com/downloads#logo NEWS SOURCE: Argyle Keywords: Mortgage, Argyle, Freddie Mac, fintech, mortgage, COO Brian Geary, income and employment verifications, NEW YORK CITY, N.Y.
This press release was issued on behalf of the news source (Argyle) who is solely responsibile for its accuracy, by Send2Press® Newswire . Information is believed accurate but not guaranteed. Story ID: S2P120406 APDF15JPG1 To view the original version, visit: https://www.
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