Blueprint Solutions, a mortgage technology company that provides income verification tools for the mortgage industry, said this week that it is incorporating Fannie Mae’s income calculator into two of its major software products.
The company said the move will give its customers more efficient access to Fannie Mae’s tools. Blueprint offers two versions of its mortgage income analysis software, IncomeXpert and IncomeXpert PLUS. Both versions will be integrated, a company spokesman said.
“Customers who use IncomeXpert or IncomeXpert PLUS will now have additional options when determining borrower qualifying income,” the company explained.[U]”Users can now access Fannie Mae’s income calculator results for their selected income type. Additionally, when using the income calculator, clients can receive a waiver of representations and warranties from Fannie Mae.”
Blueprint’s technical director, David Stam, said the integration will provide even more comprehensive capabilities to clients who use the software.
“Directly obtain representation and writ relief [government-sponsored enterprise (GSE)] “This is a powerful option,” he said. “Combining it with Blueprint’s guarantees and guarantee relief on other income in the loan file provides unparalleled coverage to our clients.”
The company said users of the “PLUS” version of the software can upload their tax return, which the software then scans to extract relevant data that can be loaded into both the Blueprint platform and the Fannie Mae income calculator.
“We continue to explore ways to remove bottlenecks in the lending process and address issues that may arise in downstream loan quality review,” Mark Fisher, Fannie Mae’s vice president of single family credit risk solutions, said in a statement. “Our latest tool solves a pain point for lenders in accurately calculating the income of self-employed borrowers, and we’re pleased to work with technology service providers to make this tool broadly available.”
Earlier this year, Fannie Mae launched a web-based version of its income calculator aimed at mortgage industry professionals.
Fannie Mae introduced its Income Calculator last year, a new Web-based option designed to reduce loan deficiencies that are more likely to occur for borrowers with nontraditional income sources. The GSEs introduced updates to their sales guides in February, also designed to better serve borrowers with nontraditional incomes during the underwriting process.
