- LoanLogics accounced it is the technology provider behind Freddie Mac’s new tool, Freddie Automated Servicing TransferSM (FASTSM), which streamlines the transfer of mortgage servicing rights for Freddie Mac’s Cash-Released XChangeSM. LoanLogics will also provide technology enhancements to expand the capabilities of FAST in support of Freddie Mac’s Co-Issue XChangeSM.
- Launched in October 2018, FAST is an online tool that enables the physical transfer of mortgage servicing rights by extracting information from imaged documents. Leveraging drag-and-drop functionality, FAST standardizes and simplifies the exchange of documents and data, freeing lenders from managing servicer-specific requirements and processes, while also eliminating multiple, time-consuming manual steps. FAST also gives mortgage servicers a more efficient method to receive documents and data from a variety of lenders, a process that has traditionally been one of the most challenging aspects 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.”
Listen to Hakan Beygo and Craig Riddell discuss the FAST program on this RadioLogics podcast.