Freddie Mac is integrating the asset and income assessment solution delivered through Loan Product Advisor, its automated underwriting system which provides a fast, intuitive way for lenders to verify loan application data with LendingPad, a solution from Wei Technology.

"LendingPad's expertise, combined with Loan Product Advisor's, superior underwriting capability, will help lenders provide a better mortgage lending experience for homebuyers," said Rick Lang, vice president for loan advisor strategy integration at Freddie Mac. "This innovation provides our clients with a much-needed competitive advantage, The Freddie Edge – that reduces drag in today's fast-paced housing market."

LendingPad's capabilities are immediately accessible through asset and income modeler, Freddie Mac's automated asset and income assessment feature, which is available in Loan Product Advisor. Options include access to vendors such as The Work Number and FormFree.

"LendingPad's capabilities should excite mortgage lenders who are looking to improve their loan process," said Wes Yuan, Managing Director at WEI Technology. "LendingPad and Freddie Mac are collaborating to provide their mutual clients with greater efficiency to originate more loans, lower origination costs and reduce processing time."