PointServ Integrates With Fannie Mae’s New Income Calculator
BURLINGAME, Calif., December 18, 2023 (Newswire.com) - PointServ, a leader in Asset, Income and Employment Verifications in the mortgage space, announced today its integration to the new Fannie Mae Income Calculator. PointServ is one of the initial technology service providers that supports the new Fannie Mae offering. Calculating self-employed income can be tedious and complex, but with Fannie Mae’s solution, lenders can run a self-employed income calculation through PointServ’s intuitive interface, which could help increase certainty of loan quality.
Some of the key benefits include:
- Calculate income for self-employed borrowers easily and accurately.
- Maximize the borrower’s income by utilizing allowable add-backs not found in 4506-C tax return transcript data, which may result in better pricing/lower DTI due to higher income being calculated.
- Be eligible for enforcement relief of rep and warrant on the income calculation, reducing the risk of repurchase.
“We are honored to partner with Fannie Mae on this exciting, much-needed offering,” said co-founder/CTO, Iavor Boyanov. “Calculating self-employed income continues to be one of the more manual steps in the mortgage origination process and Fannie Mae’s new solution offers a simple, more automated method for accurate income calculation.”
Lenders can take advantage of PointServ’s Digitally Sourced Data solution to retrieve Tax Returns, Paystubs, and W2s from online tax preparers and payroll companies or they can provide borrower-uploaded copies. PointServ will extract the underlying data from the documents and deliver a data file to Fannie Mae. Income calculation results and the underlying data file are then relayed to the lender through the PointServ website or API. The results can be tied to DU for casefile submission.
“To help support a growing self-employed workforce, we are continually looking to make it easier for lenders to calculate self-employment income, which can help improve loan quality and speed up delivery,” said Mark Fisher, Vice President of Single-Family Credit Risk Solutions at Fannie Mae. “With the Income Calculator, lenders can increase certainty through seamless automation and validation on the calculation.”
PointServ is already an approved Desktop Underwriter® (DU®) validation service authorized report supplier for both Asset Verification Reports and Tax Transcript Reports.
To learn more, please contact firstname.lastname@example.org.