RED
BANK, N.J., May 1, 2024
/PRNewswire/ -- In a strategic update to its Selling Guide, Freddie
Mac announces the adoption of IRS Form 8821 as an alternative for
obtaining tax transcript for income verification, embracing the
pioneering solutions offered by Halcyon. This initiative is a
significant milestone in Halcyon's vision to revolutionize mortgage
industry standards by facilitating the direct delivery of tax
transcripts in both PDF and data formats more efficiently and
cost-effectively.
Asset and income modeler:
"Based on Seller feedback, we have updated automated income
assessment with Loan Product Advisor using tax data, which is part
of asset and income modeler, to clarify that Internal Revenue
Service (IRS) Form 8821 is an acceptable alternate form in lieu of
IRS Form 4506-C.
Guide impacts: Sections 5302.5 and 5903.5"
https://guide.freddiemac.com/app/guide/bulletin/2024-6
Halcyon, a front-runner in financial technology solutions,
crafted a system designed to not only enhance efficiency and reduce
expenses but also to support the Federal Housing Finance Agency's
Duty to Serve (DTS) mandate. This mandate aims to improve housing
finance options for families with very low to moderate incomes. By
naming IRS Form 8821 specifically as an acceptable method to obtain
tax transcript information for Freddie Mac's Asset and Income
Modeler (AIM), both entities underscore their commitment to
delivering innovative, affordable mortgage lending solutions.
"Our collaboration with Freddie Mac to integrate IRS Form 8821
marks a significant advancement that highlights our dedication to
providing accessible, cost-effective solutions in the housing
finance sector," says Kirk
Donaldson, CEO of Halcyon. "This accomplishment reflects our
strategic use of technology to support not just lenders but also
the broader community of borrowers by significantly lowering
underwriting costs and fulfilling the Duty to Serve mandate."
Halcyon and Freddie Mac Partnership Brings VOI Innovation to
Lending Market (globalfintechseries.com)
About Halcyon
Halcyon is a fintech innovator dedicated to transforming
the mortgage industry with cutting-edge solutions that bolster
efficiency and accessibility. Established on the principle that
advanced technology should be both straightforward and affordable,
Halcyon continues to propel mortgage lending and finance management
forward. For more information, visit www.halcyonsw.com.
Contact:
Bridget Trevino
Chief Revenue Officer, Halcyon
info@halcyonsw.com
www.halcyonsw.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/freddie-mac-accepts-irs-form-8821-for-tax-transcripts-enhancing-loan-product-advisor-using-halcyons-pioneering-solutions-302133422.html
SOURCE Halcyon