Freddie Mac will now automatically verify borrower employment 10 days ahead of closing, which it says is more efficient than obtaining that information through oral or written verification. The option will be available starting June 1.

To verify the borrower’s employment, Freddie Mac’s asset and income modeler will draw data from bank accounts for direct deposit, with the borrower’s approval, or from payroll data provided by third-party service providers.

It’s the latest move from the government sponsored enterprise that seeks to streamline the closing process. In February, it announced it would automate assessing a prospective homebuyer’s direct details ⇒

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