LoanLogics has announced that it will provide the technology behind Freddie Mac’s new tool, Freddie Automated Servicing Transfer (FAST).
Freddie Mac’s FAST streamlines the transfer of mortgage servicing rights for its Cash-Released XChange. The tool leverages LoanLogics’ Intelligent Data Extraction and Automation (IDEA) technology, which transforms digital images and scanned documents into verified and validated information for loan boarding.
Through Freddie Mac’s tool, mortgage servicers can receive documents and data from various lenders, a process considered one of the most challenging parts of servicing transfers.
“We are very pleased to partner with Freddie Mac and to play an important role in the FAST initiative, which is revolutionizing the way mortgage servicing rights are exchanged,” said Craig Riddell, executive vice president and chief business officer of LoanLogics. “With our technology, the FAST tool can validate loan data coming in from lender systems, identify areas where there are gaps or inconsistencies, and share that information back through FAST’s interactive portal. We look forward to an even more productive relationship with Freddie Mac as it expands FAST to include co-issue support.”
Additionally, LoanLogics will also provide technology enhancements to expand the capabilities of FAST in support of the GSE’s Co-Issue Xchange.
“Freddie Mac is focused on enabling buyers and sellers to interact in ways that allow them to do business better, faster, and more efficiently,” said Hakan Beygo, senior director of single-family office of the client at Freddie Mac. “We’re delighted to work with LoanLogics and believe they will be valuable in helping us continually enhance our FAST offering.”