Unlock the Power of One Asset Verification Report
The power to simplify loan underwriting is in your hands. One asset verification report from your service provider can help automate your processes so you can confidently send your borrower to the closing table. Submit that report through Loan Product Advisor® (LPASM) and let asset and income modeler (AIM) assess asset, income and employment – all in one place.
It takes fewer steps and less time to make more impactful assessments. More importantly, it’s saving days to close so you can efficiently make more homeownership dreams a reality.
One Report, Many Possibilities
What information is on the asset verification report and how can it help you? Get ready to unlock the Power of One:
- Funds to close – Reduce risk by knowing up front if your borrower has the necessary funds to close on the loan.
- Verified income – With direct deposit data, automatically verify income information to save time and reduce associated fraud risk. Plus, it’s hassle-free for your borrowers since they’re not required to submit multiple pieces of paper documentation to verify income.
- Access to credit expansion – Get access to the borrower’s rent payment history and borrower cash flow assessment and see if they’re eligible for credit expansion through positive rent payment or positive monthly cash flow – helpful for those with a limited credit history.
- Employment verification – Automate the 10-day pre-closing verification (PCV) and verify employment without chasing down documents and making phone calls. No more delays in waiting for information to get back to you.
How it Works with AIM
It’s simple to start taking advantage of the asset verification report and all its power.
- Make sure the third-party service provider of your choosing can source the required asset data for AIM. Engage a service provider after conducting appropriate due diligence to ensure the provider meets your company’s business and legal requirements.
- Order the asset verification report from the service provider and submit to LPA.
- LPA will assess and provide feedback for you to review.
You’ll now have more information and more time back, thanks to automation and AIM.
Quick Tips for Success
Adhere to the following best practices to get the most out of the report:
- Always start by ordering an asset report first to get a comprehensive income, asset and employment assessment.
- Link primary accounts and any accounts into which the borrowers’ paychecks are deposited.
- Include all bank accounts (e.g., checking, savings, investment accounts) for the greatest opportunity to find positive cash flow.
- Confirm the borrower’s accounts reflect at least 12 months history.
- Include the report reference number is in the LPA submission.
Check out the resources below for additional guidance on leveraging the asset verification report:
- “Power of One: One Report, Many Possibilities” Video
- “Power of One: Automate Employment Verification” Video
- Exploring AIM Webinar
Still have questions? We want to help. Contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE).