Freddie Mac and First American Real Estate Information Services Inc. are testing an Internet link that enables wholesalers and their brokers at the point of sale to use Freddie's automated underwriting program.
First American, a subsidiary of First American Financial Corp. in Santa Ana, Calif., will set up, train, and support brokers, allowing wholesalers to focus on closing loans, the companies announced at the Mortgage Bankers Association convention.
The service will enable brokers to use their loan origination software to submit an automated underwriting request to First American via the Internet. This information would then be transferred through Freddie's electronic network to its automated underwriting system. Freddie expects to offer this service in the first quarter of 1999, a spokesman said.