New Penn Financial, Freddie Mac and Integra Software Solutions are developing a one-click submission of loan data to Freddie’s automated underwriting system, Loan Product Advisor , and to Fannie Mae’s Loan Prospector. The aim is to deliver the capability to generate a best execution in the secondary market through data that’s simultaneously submitted to both Freddie Mac and Fannie Mae.

“AUS-Neutral Design is an innovative movement supporting the idea that lenders should run both underwriting systems to identify the best path for their borrowers and, in many instances, the optimal processing path for themselves,” said David Fulford, vice president of strategic technology at Freddie Mac for single family integration

In the past, a lender could use a Fannie Mae decision and Freddie Mac would accept it, but the lender, therefore, didn’t have the loan details it required. But through this collaboration, Integra’s web-based Epic solution allows lenders to submit loan-data via a single click to the government sponsored enterprises--enabling borrowers to see the full view of options available to their borrowers, and ultimately, a better borroer experience. The Epic solution delivers real-time data that’s designed to increase lender efficiency and streamline the residential real-estate solution.

“With results from both GSE AUSs, we can give borrowers access to more options, like appraisal waivers, so they can save money and shorten the time it takes to close a loan,” said Dena Kwaschyn, chief fulfillment officer at New Penn Financial.

New Penn will have details from both government sponsored enterprises, and can sell the loan where it makes the most sense to their borrowers. The lender will have a complete view of options available to their borrowers--and that will improve their experience.

Borrowers are coming to expect access to web-based technologies during the origination process.

Online borrower portals, online chat, and text messaging are changing how consumers of all ages approach the mortgage process, according to “The Digital Mortgage Experience: A Study of Shifting Borrower Expectations,” a survey from Velocify. More than a third of them prefer self-service websites, especially during the research stage of getting a mortgage.

As they progress through the application and processing stages, however, borrowers prefer an increasing amount of help from mortgage professionals through online chat, telephone, text messaging, and email.

Millennials (under 35 years of age) prefer slightly less assistance and more online chat help, especially during the application phase. Baby boomers (over 55 years of age) prefer less chat and email assistance throughout the mortgage process, opting for phone and in-person help. Baby boomers, however, embraced technology more than expected. Boomers were three times more likely to think technology improved the loan process when they were provided an online portal.

“The most interesting discovery was not how borrower behaviors have evolved, but where they are headed,” said Nick Hedges, president and CEO of Velocify. “The trend line in our data shows that all borrowers, regardless of age, have a strong preference for more online and digital interaction with their lender. To succeed in this environment, lenders have to put the borrower at the center, which means an easy interface that offers transparency into the entire loan lifecycle, but with humans behind it.”

The survey also found the following:

• Overall, borrowers who got a mortgage over the past two years were 3.7 times more likely to find their lender through online research or through social media than they were 5 to 10 years ago.
• Millennials were 45 percent more likely to find their lender online than baby boomers, who were 87 percent more likely than millennials to use their current bank or lender.
• Refinancing borrowers were more likely than purchasing borrowers to use an online lender, but recently the gap is closing. Over the past year, 47 percent of refinancing borrowers used an online lender, compared to 38 percent of purchase borrowers.
• Borrowers who got a mortgage in the last year were 42 percent less likely to find their lender based on a referral from a realtor, compared with borrowers from 2 to 5 years ago.
• Seventy-one percent of all borrowers were provided an online portal in the past two years. Those that had access to a portal were twice as likely to say technology improved the loan process compared with borrowers who were not provided this option.

“Lenders need to look at technology as more than a tool for marketing and manufacturing mortgages, but a vehicle for creating the perfect mortgage experience for all consumers, regardless of their preferences,” said Daniel Miedema, director of marketing operations at Guaranteed Rate, and a Velocify customer. “Fortunately, today’s tools enable lenders to adapt to changes in consumer behavior quickly and affordably, so borrowers get the help they need when they need it most.”

Findings from the survey were based on responses from more than 500 people who received a purchase mortgage or refinanced a mortgage over the past 10 years. The findings were broken out by the borrower’s age and when their loans closed to examine how consumer behaviors evolved over time.

Jun Ying, a former chief information officer at Equifax’s U.S. Information Solutions division, will serve four months in federal prison. So reports The Atlanta Journal-Constitution.