New integration significantly reduces loan processing times for lenders and borrowers
NEW YORK, July 13, 2021– (BUSINESS WIRING) –Lendsmart, an artificial intelligence-powered digital lending platform today announced its integration with Freddie Mac Loan Product Advisor.® (LPASM), the company’s automated underwriting system (AUS).
Freddie Mac and Lendsmart work together to better serve and exceed customer expectations, improving the quality of the borrower service and the loan cycle.
“Lendsmart software predicts the lending and underwriting conditions required in the loan disbursement process by linking them to the borrower’s data in real time, instead of forcing the borrower to wait 45 days to receive an email from the underwriter,” said AK Patel, founder and CEO of Lendsmart. “We also save weeks in the process of writing explanatory letters.”
Lendsmart’s centralized platform connects all parties involved and also automates manual operations, improves accuracy, minimizes lender risk, and lowers setup and operation costs. The partnership will accelerate Lendsmart’s efforts to enable more borrowers to obtain a loan, refinance or buy a home, while saving time and lowering lenders’ loan processing costs.
“Today’s lenders and borrowers expect the digital process to be seamless, without administrative burdens or excessive time constraints,” said Kevin Kaufman, vice president of Business Partner Integration at Freddie Mac. “This partnership with Lendsmart enables Freddie Mac to provide the latest technology that meets the needs of our mutual customers.”
Lendsmart is looking forward to forging a relationship with Freddie Mac and promoting their shared goal of revolutionizing digital lending for their customers.
Lendsmart (founded 2018) is an AI-powered digital lending platform that automates and digitizes home lending and home buying transactions to create a single automated communication system for banks, credit unions and non-bank lenders. Using artificial intelligence to digitize up to 70% of lending and home buying processes, Lendsmart enables borrowers to loan, refinance or buy a home in record time. For more information visit https://lendsmart.ai…
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