Chicago-based mortgage technology firm Gateless has integrated its platform with Fannie Mae’s income calculator, the company announced on Wednesday.
The integration enables lenders to calculate qualified income, particularly for borrowers without W-2 wages, such as the self-employed, small-business owners and real estate investors.
The solution provides real-time income calculations backed by Fannie Mae, offering representation and warranty relief on conventional loans. This gives lenders increased confidence in their underwriting decisions while reducing risk exposure, Gateless said.
Using tax return data, the system generates monthly income calculations and delivers actionable insights. The new capability became available on May 12.
Founded in 2020 by Rate President and CEO Victor Ciardelli, Gateless claims to optimize loan volume processing and accelerate the post-closing process by up to 400%.
After analyzing more than 200,000 loans, the company found that 80% of critical documents identified during the loan process can be satisfied through automation.
Gateless offers Smart Underwrite, an end-to-end automated underwriting solution that begins at the point of sale, as well as VeriClear, an income verification tool. Among its publicized partnerships are those with The Loan Store and Equifax.
“Our technology automates the intricate process of income analysis and ensures lenders receive precise, accurate income calculations quickly, whether for traditional wage earners or increasingly common self-employed borrowers,” said Katie King, chief risk officer at Gateless.
“This partnership reinforces our commitment to automating the simple and simplifying the complex in mortgage origination.”
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