experian announced Wednesday that lenders can now access its product, Experian Verify, through Freddie MacLoan Products Advisors Asset and Income Modelers (AIM). According to the company the goal is to provide an efficient and streamlined verification process to mortgage lenders and borrowers.
“This collaboration will help lenders obtain income and employment verification more quickly and easily,” Daniel Miller, single-family director of strategic technology partnerships at Freddie Mac, said in a prepared statement.
Using Experian Verify through AIM will allow mortgage lenders to leverage up-to-date employer payroll data to verify income and employment information, Experian said in the statement.
It will also help lenders make lending decisions with “confidence,” according to Michelle Bodda, president of Experian Mortgage, Verification Solutions and Employer Services.
“This new partnership with Freddie Mac is another important milestone in our journey to unlock the modern mortgage,” said Bodda. “Together, we can help ensure that more lenders have quicker access to the best insights while improving the home buying experience for borrowers.”
AIM’s loan origination process leverages third-party service providers like Experian to automate the manual processing of borrower income and employment assessments.
“Partnering with third-party service providers like Experian ensures we can provide the best tools and insights the industry has to offer,” Miller said.
Last June, the company became an authorized report provider of employment and income verification through Fannie Mae’s Desktop Underwriter Verification Service.
According to the statement, the move made Experian “one of the few providers that is an authorized report supplier for both government-sponsored enterprises (GSEs).”
