Blueprint Solutions, a mortgage technology company that offers income verification tools for the industry, announced this week that it is implementing Fannie Mae’s Income Calculator into its two primary software offerings.
This will help the company’s clients to more efficiently access the Fannie Mae tool, the company said. Blueprint offers two variations of mortgage income analysis software, “IncomeXpert” and “IncomeXpert PLUS.” Both versions will receive the integration, according to a company spokesperson.
“Clients using IncomeXpert or IncomeXpert PLUS will now have additional options when determining qualifying income for their borrowers,” the company explained. “[U]sers can now access results from Fannie Mae’s Income Calculator for selected income types. Additionally, clients will be eligible for representation and warranty relief from Fannie Mae when using Income Calculator.”
The integration will offer more comprehensive features to clients using the software, according to David Stamm, Blueprint’s director of technology.
“Obtaining rep and warrant relief directly from the [government-sponsored enterprise (GSE)] is a powerful option,” he said. “Combining this with the rep and warrant relief from Blueprint on other incomes within the loan file offers our clients unparalleled coverage.”
Users of the “PLUS” variation of the software can upload tax returns, which the software can then scan and extract relevant data to be loaded into both the Blueprint platform and the Fannie Mae Income Calculator, the company explained.
“We continue to look for ways to eliminate bottlenecks in the origination process and help address issues that may arise in downstream loan quality reviews,” Mark Fisher, vice president of single-family credit risk solutions at Fannie Mae, said in a statement. “Our latest tool solves a lender pain point to accurately calculate income for self-employed borrowers and we’re excited to collaborate with technology service providers to make this tool widely available.”
Earlier this year, Fannie Mae made a web-based version of its Income Calculator available to mortgage industry professionals.
Fannie Mae introduced the income calculator last year, and the new web-based option is designed to reduce loan defects that are more likely for borrowers with nontraditional sources of income. The GSE introduced updates to its Selling Guide in February that are also designed to better serve those with nontraditional income during the underwriting process.
