DALLAS, Oct. 6, 2017 /PRNewswire/ -- LoanBeam®, the leader in automated income extraction and calculation, announced today that it is partnering with Freddie Mac to develop an innovative income verification solution for the mortgage industry. "We are pleased to be working with Freddie Mac on this state-of-the-art solution, as we collaborate to bring best of breed technologies to their customers, while driving reduced operational costs and delivering a superior borrower experience," commented Kirk Donaldson, President. "LoanBeam's capabilities, quality and accuracy have been validated by Freddie Mac," he added.
LoanBeam's technology combines investor-based calculation guidance, digital data and refined optical character recognition to read, interpret, and calculate income accurately – for the first time – directly from the borrower's income documents. LoanBeam is the only company with the ability to calculate income from paystubs, 1040, W-2, tax transcripts, and full tax returns; through the ingestion of digital and/or OCR formats.
"Our founder and President, Kirk Donaldson, realized the role technology would play in transforming the financial industry over a decade ago. Through his leadership and the efforts of the entire LoanBeam staff, our company is partnering with many of the top lenders, loan origination systems and today's announcement with Freddie Mac is the embodiment of his vision," said James MacGilvray, Chairman.
With patented technology based on more than 15 years in tax preparation and accounting services, LoanBeam has positioned itself as the standard in automated income calculation amongst market influencers. With over 130 clients, LoanBeam is leveraging big data partners, advantaged scanning technologies, and patented algorithms to reduce multiple streams of income into a single, easy-to-read, electronic output. The company's headquarters is in Dallas, Texas. For more information, visit www.LoanBeam.com.