The dawn of a new era in the real estate industry is upon us. Whether you seek to refine your business model, embrace new technologies, or uncover strategies to capitalize on upcoming market trends, Inman Connect New York is your gateway to bold progress. The Next Chapter is beckoning, and you’re invited to be a part of it. Join us and thousands of real estate leaders from January 22-24, 2025.
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Encompass Upgrade:
Intercontinental Exchange’s Encompass digital mortgage lending platform has received a significant upgrade. This enhancement offers deeper integrations with Freddie Mac’s automated underwriting system, Loan Product Advisor (LPA).- Feedback Integration: Encompass users now have access to feedback messages from Loan Product Advisor. These messages provide "actionable responses" to issues like debt-to-income ratios, loan-to-value ratios, and reserves. This feature allows lenders to make faster, informed decisions and convert more cautions into accepts.
- Eligibility Checks: Users of Encompass receive feedback on loan eligibility for employment representation and warranty relief, automated valuations, and appraisal alternatives.
- Seamless Workflow: Tim Bowler, ICE Mortgage Technology President, highlighted the seamless integration of Freddie Mac’s latest LPA offerings into the existing Encompass workflows. The primary goal remains increasing efficiency, lowering costs, and assisting lenders in placing more qualified borrowers into affordable homes.
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Technology Decreases Loan Defect Rate:
Recent findings suggest that lenders embracing automation technology witness lower loan defect rates and enjoy various benefits compared to their competitors.- Study Results: A study conducted in February 2023 revealed that lenders utilizing automated offerings from Freddie Mac experienced 40% fewer loan defects, saved $1,700 in costs, and trimmed loan production times by seven days.
- Impactful Statements:
Kevin Kauffman, a Freddie Mac executive, emphasized the empowering effects of technology on lenders. By originating more loans eligible for sale to Freddie Mac without altering their workflow, lenders are presented with detailed information on purchase requirements and cost-saving opportunities for first-time homebuyers.
In a rapidly evolving industry like real estate, staying ahead of the curve is imperative. By leveraging the latest technologies and embracing innovative solutions, lenders can streamline processes, reduce costs, and cater to the needs of qualified homebuyers effectively.
Join us at Inman Connect New York, where the future of real estate awaits. Let’s embark on this journey together and shape the Next Chapter in our industry’s story.
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