Collaboration to Help Speed Home Loan Processing and Reduce Origination Costs Through Integration of Innovative LendingPad Technology
MCLEAN, Va., Dec. 14, 2018 /PRNewswire/ -- WEI Technology LLC, announced today that it has joined forces with Freddie Mac to integrate its LendingPad® system with the GSE's asset and income assessment solution delivered through Loan Product Advisor®, its automated underwriting system which provides a faster, easier way for lenders to verify loan application data.
"LendingPad's capabilities should excite mortgage lenders who are looking to improve their loan process," said Wes Yuan, Managing Director at WEI Technology. "LendingPad and Freddie Mac are collaborating to provide their joint clients with greater efficiency to originate more loans, lower origination costs and reduce processing time."
LendingPad's capabilities are immediately accessible through asset and income modeler (AIM), Freddie Mac's automated asset and income assessment solution, available in Loan Product Advisor. Options include the entry of reference numbers available through vendors such as The Work Number and FormFree.
"LendingPad's expertise, combined with Loan Product Advisor's, superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers," said Rick Lang, Freddie Mac, Vice President, Loan Advisor Strategy Integration. "This innovation provides our clients with a much-needed competitive advantage – The Freddie EdgeSM – that reduces drag in today's fast-paced housing market."
LendingPad's innovative cloud-based loan origination system (LOS) was created by mortgage professionals to modernize the complex loan origination process. LendingPad's solutions elevate the efficiency, compliance, and information security of brokers, lenders, banks and credit unions. LendingPad's unique features include customized dashboards, same-file multi-user edit capabilities and real-time pushed updates. These solutions streamline the origination process while lowering the total cost of mortgage lending. LendingPad ® Network is a hub connecting borrowers, brokers, lenders and service providers. LendingPad is a product of WEI Technology LLC, headquartered in McLean, VA. More information is available at lendingpad.com.
About Freddie Mac
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we've made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
SOURCE WEI Technology LLC
LendingPad Corp was founded in 2015 with the objective of providing effective technology solutions that span the entire mortgage lending process, to strengthen communication and ultimately, to lower total cost of mortgage lending.