Blue Sage Solutions Launches Cutting-Edge Integration of Fannie Mae's Income Calculator for Streamlined Lending
In a significant advancement for the mortgage technology sector, Blue Sage Solutions has recently announced its status as the pioneer in loan origination systems (LOS) to seamlessly integrate Fannie Mae's Income Calculator. This innovative move aims to revolutionize the mortgage approval process, particularly for borrowers whose incomes stem from self-employment or business ownership. With this integration, lenders can experience a more efficient, accurate, and user-friendly mortgage process.
The incorporation of the Income Calculator is powered by an API-enabled approach, directly initiated from within Blue Sage's Digital Lending Platform. This modernization simplifies the often-complicated task of income calculation, which has long been a challenging aspect of the lending process. Notably, one of the standout features of this integration is that Fannie Mae provides rep and warrant relief based on the income calculations derived from their tool. As a result, lenders can trust the accuracy of the qualifying income levels reported, significantly mitigating risks associated with potential loan buybacks due to calculation missteps.
Traditionally, calculating income for self-employed individuals has been onerous, often necessitating extensive documentation from complex business structures and unique income sources. Blue Sage Solutions has tackled this issue by facilitating automated income calculations from myriad sources including business and personal tax returns. This technology also accommodates permissible add-backs not typically reflected in conventional 4506-C tax return transcripts, optimizing the reported income and potentially lowering borrower debt-to-income (DTI) ratios.
Carmine Cacciavillani, the founder and president of Blue Sage Solutions, expressed his enthusiasm regarding this groundbreaking integration, stating, "This represents a major leap forward in how lenders handle loans involving self-employed borrowers. Our integration not only accelerates the income calculation process but does so with heightened precision, improving overall workflow efficiency. This ultimately allows lenders to devote less time to tedious manual reviews and focus more on providing a swift, dependable, and enjoyable customer experience for borrowers. We take pride in being the foremost LOS to deliver a fully integrated capability into the market."
Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae, also commented on the partnership, emphasizing the organization's commitment to refining the origination process. Fisher noted, "Fannie Mae strives to make the origination process more efficient and to help lenders avoid issues that may arise in downstream loan quality reviews. Cooperation with technology service providers will continue to promote the widespread availability of the Income Calculator, empowering lenders to accurately calculate income for self-employed borrowers."
Blue Sage Solutions is a stalwart in the realm of end-to-end lending technology, boasting over 30 years of industry experience. The company's mission centers on enabling lenders to lower operational costs while boosting productivity in every aspect of lending. The Digital Lending Platform is designed to ensure optimal system connectivity and flexibility across various channels, supported by an extensive library of APIs. Headquartered in Englewood Cliffs, New Jersey, Blue Sage Solutions continues to lead the charge in innovation within the mortgage technology space.
In sum, the full integration of Fannie Mae's Income Calculator into Blue Sage's platform marks an essential step forward for the mortgage industry. By effectively reducing compliance risks and improving processing times, this collaboration stands to make a significant impact on the experience for both lenders and borrowers alike. With Blue Sage Solutions at the forefront, the future of digital lending looks more promising than ever.
The incorporation of the Income Calculator is powered by an API-enabled approach, directly initiated from within Blue Sage's Digital Lending Platform. This modernization simplifies the often-complicated task of income calculation, which has long been a challenging aspect of the lending process. Notably, one of the standout features of this integration is that Fannie Mae provides rep and warrant relief based on the income calculations derived from their tool. As a result, lenders can trust the accuracy of the qualifying income levels reported, significantly mitigating risks associated with potential loan buybacks due to calculation missteps.
Traditionally, calculating income for self-employed individuals has been onerous, often necessitating extensive documentation from complex business structures and unique income sources. Blue Sage Solutions has tackled this issue by facilitating automated income calculations from myriad sources including business and personal tax returns. This technology also accommodates permissible add-backs not typically reflected in conventional 4506-C tax return transcripts, optimizing the reported income and potentially lowering borrower debt-to-income (DTI) ratios.
Carmine Cacciavillani, the founder and president of Blue Sage Solutions, expressed his enthusiasm regarding this groundbreaking integration, stating, "This represents a major leap forward in how lenders handle loans involving self-employed borrowers. Our integration not only accelerates the income calculation process but does so with heightened precision, improving overall workflow efficiency. This ultimately allows lenders to devote less time to tedious manual reviews and focus more on providing a swift, dependable, and enjoyable customer experience for borrowers. We take pride in being the foremost LOS to deliver a fully integrated capability into the market."
Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae, also commented on the partnership, emphasizing the organization's commitment to refining the origination process. Fisher noted, "Fannie Mae strives to make the origination process more efficient and to help lenders avoid issues that may arise in downstream loan quality reviews. Cooperation with technology service providers will continue to promote the widespread availability of the Income Calculator, empowering lenders to accurately calculate income for self-employed borrowers."
Blue Sage Solutions is a stalwart in the realm of end-to-end lending technology, boasting over 30 years of industry experience. The company's mission centers on enabling lenders to lower operational costs while boosting productivity in every aspect of lending. The Digital Lending Platform is designed to ensure optimal system connectivity and flexibility across various channels, supported by an extensive library of APIs. Headquartered in Englewood Cliffs, New Jersey, Blue Sage Solutions continues to lead the charge in innovation within the mortgage technology space.
In sum, the full integration of Fannie Mae's Income Calculator into Blue Sage's platform marks an essential step forward for the mortgage industry. By effectively reducing compliance risks and improving processing times, this collaboration stands to make a significant impact on the experience for both lenders and borrowers alike. With Blue Sage Solutions at the forefront, the future of digital lending looks more promising than ever.
Topics Financial Services & Investing）
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