NEW YORK CITY, NY, August 20, 2024 (SEND2PRESS NEWSWIRE) – Argyle, a platform that provides real-time income and employment verification for some of the largest lenders in the United States, is now an approved third-party provider supporting Freddie Mac’s Loan Product Advisor® (LPA℠) Asset and Income Modeler (AIM), a solution that simplifies the mortgage origination process for lenders. Argyle’s verification of income and employment (VOIE) solution, which includes reports, pay stubs and W-2 forms, saves lenders 5-7 days per loan and 60-80% in costs compared to traditional VOIE providers.

Caption: Argyle logo.

• GSE certified: Argyle is now an approved service provider for Freddie Mac’s LPA AIM and is also an authorized report provider for Fannie Mae’s Desktop Underwriter®.
• Cost and time savings: Lenders using Argyle for VOIE can save 5-7 days per loan and 60-80% in costs compared to traditional lenders.
• Improved credit quality: Lenders can now submit their Argyle reference number to LPA for immediate verification of their eligibility for representation and indemnity.
• Timely solution: Integration addresses the rising cost of lending and helps maintain lenders’ margins.

From now on, lenders using Argyle’s verification services will be entitled to an automated assessment of income and employment, including 10-day pre-closing checks, by AIM. By providing Argyle’s reference number to LPA, lenders can receive an instant assessment of their eligibility for representation and exemption from warranty for income calculation, as well as the accuracy and integrity of the data.

“Argyle is proud to partner with Freddie Mac to offer a comprehensive and efficient industry-leading income and employment verification solution,” said Brian Geary, COO of Argyle. “By automatically pulling income data from a borrower’s payroll accounts, our platform helps lenders close high-quality loans faster while reducing processing costs and improving loan quality. This solution comes at just the right time, especially as the industry faces rising processing costs that are eroding already razor-thin margins.”

“Our latest research shows that the cost of originating loans has increased by 35% since 2021. When lenders make the most of LPA digital capabilities like AIM, they can save $1,500 per loan,” said Daniel Miller, Director of Strategic Technology Partnerships at Freddie Mac Single-Family. “We are excited to welcome Argyle as a service provider supporting AIM so we can help lenders reduce their costs through digital innovation.”

For more information about Argyle’s integrations with automated underwriting systems (AUS), visit https://www.argyle.com/blog/freddie-mac-aim-provider/.

About Argyle:

Founded in 2018, Argyle is the leading provider of real-time income and employment verification. As an authorized report provider for Fannie Mae’s Desktop Underwriter® validation service and an approved service provider supporting Freddie Mac’s Loan Product Advisor® (AIM) asset and income modeler, Argyle enables mortgage lenders to automatically pull pay stubs and W-2 forms, understand consumer payment ability, and improve loan quality – all at 60-80% lower cost. Argyle’s commitment to innovation is supported by investors including Bain Capital Ventures, SignalFire, Checkr, and Rockefeller Asset Management.

For more information about Argyle’s industry-leading platform, visit https://argyle.com/.

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Tags: @withArgyle @FreddieMac #fintech #financialservices #innovation #mortgage #mortgageloan

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News source: Argyle