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June 2024 » thefivestar.com 5 June 2024 M T E C H FANNIE MAE EXPANDS INCOME CALCULATOR TOOL FOR LOAN ORIGINATORS F annie Mae has announced new enhancements to its Income Calculator tool that will help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don't have traditional sources of income. The new web interface provides an additional, free avenue to access Fannie Mae's existing Income Calculator func- tionality, which the company introduced in 2023 to help lenders streamline their processes and reduce loan defects. Lenders also can still partner with one of Fannie Mae's authorized third-party technology service providers to automate the calcula- tion of self-employment income streams during the underwriting process. "Whether through our new web-based user interface or through an integrated technology service provider, Fannie Mae's Income Calculator simplifies the process of underwriting the qualifying income of self-employed borrowers, which tradition- ally has been a challenging and time-con- suming operation for lenders," said Mark Fisher, VP of Single-Family Credit Risk Solutions. "With the launch of our new web interface, originators now can select the solution that best aligns with their processes and meets their needs, while saving time and improving certainty in the quality of the loan." Self-employed borrowers represent approximately 10% of the U.S. workforce and a growing number of Fannie Mae loan deliveries. Incorrect income calculation and documentation can cause defects. With the Fannie Mae Income Calculator, lenders receive an accurate, validated income amount for use in the underwrit- ing process. Income Calculator is a Fannie Mae-hosted service that uses tax return data to calculate monthly income using current Selling Guide requirements before the lender submits the loan casefile to Fan- nie Mae. Income Calculator calculates and returns the monthly qualifying income amount along with actionable messag- es that help originators avoid common calculation and documentation mistakes. Originators can access Income Calcula- tor through Fannie Mae's web interface, CoreLogic's Income Analyzer service, or PointServ's Digitally Sourced Data service, with additional integrated technology service providers coming soon. Recent innovations include: » New capabilities in the DU validation service enable lenders to automatical- ly validate borrower assets, income, and employment using a single asset report, improving the mortgage origination process for lenders and homebuyers. » An improved pre-qualification expe- rience through the DU early assess- ment enhancement to help lenders determine homebuyer preparedness and mortgage options earlier without the impact of a hard credit check on the consumer. » A new $2,500 credit available to qual- ified, creditworthy very low-income borrowers through our HomeReady® product to help overcome two of the greatest barriers to homeownership— down payment and closing costs. » Fannie Mae's award-winning Hom- eView and HomeView en Español, providing consumers and first-time homebuyers with educational tools and information about financial litera- cy and homeownership. XOME LAUNCHES DIY SALES PLATFORM REQUIRING NO AGENT X ome has announced its DIY sales platform, which allows investors full transparency and control from their property listing to post-closing, all in real time and with no seller's fees or agent required. "We anticipate that the real estate landscape is going to continue to evolve rapidly, and Xome plans to be at the forefront of that change," said Mike Rawls, CEO of Xome. "Investors are looking for options when it comes to buying or selling a home, and they want to be more in control of the process. That's the reason we are constantly optimizing our platform— to meet buyers and sellers not only where they are, but where they want to be." Xome's new self-service capability allows investors to: » List with ease: With just a few clicks, users can list the property on Xome's proprietary online auction platform. » Maximize visibility: Reach a nation- wide network of over 875,000 serious buyers through multichannel market- ing support for every property. » Achieve optimal value: Competitive bidding ensures the property sells for its true market value. » Get expert support: Xome's team of real estate professionals is available to assist sellers every step of the way. "Xome has hundreds of sellers who have already chosen to withdraw from the traditional listing route. That's why we want to empower investors with the flex- ibility they are looking for to navigate the changing market," said Mike Jansta, COO at Xome. "Whether our customers want to use their own trusted agent, match with one of our agents or choose the DIY option with no agent, Xome is putting investors in the driver's seat for the whole process." CLEAR CAPITAL PARTNERS WITH DARK MATTER TECHNOLOGIES FOR MORTGAGE LENDER/ SERVICER PRODUCT SUITE C lear Capital, a real estate valua- tion technology company, has announced its partnership with Dark Matter Technologies, a mortgage technology company backed by loan origi- nation software. Through this partnership, mortgage lenders and servicers using the ExchangeSM Service Network, an API mar- ketplace that connects more than 16,000