Gateless has integrated Fannie Mae’s Income Calculator into its automated mortgage-underwriting package, which will enable lenders to quickly and accurately calculate income from self-employment, business ownership or rental properties.
This partnership will provide operational efficiency, accelerated borrower experience and lender certainty that allows for lenders to originate loans with minimized risk exposure through Gateless’ Smart Underwrite and VeriClear solutions.
With the integration, Smart Underwrite customers can receive monthly income calculation and actionable insights, helping reduce common errors and simplify the underwriting process. Lenders also become eligible for enforcement relief from representations and warranties made on income calculations for conventional loans.
“Integrating with Fannie Mae’s Income Calculator is another positive step forward for Gateless,” Chief Risk Officer Katie King said. “Our technology automates the intricate process of income analysis and ensures lenders receive precise, accurate income calculations quickly, whether for traditional wage earners or increasingly common self-employed borrowers. This partnership reinforces our commitment to automating the simple and simplifying the complex in mortgage origination.”
