Freddie Mac launches mortgage data app for lenders
Freddie Mac has launched a web-based mortgage insights platform designed to provide lenders with access to key market data.
The service, ECO, for Evaluate|Compare|Optimize, is being rolled out a time when the mortgage industry has put more emphasis on organizing information digitally to ensure it is an easily digestible format.
“Freddie Mac’s ECO is the overarching view that our account executives review with their client counterparts on a monthly or quarterly basis,” said Bhavini Amin, vice president for single-family business services at Freddie. “There’s a greater ability to slice the data in many ways.”
At the heart of ECO is its capability to pull together data from multiple sources via application programming interfaces and distill the information into an executive summary. The results are presented in a readable format for a mobile device.
Freddie Mac clients will be able to access data in different lending categories, such as loan portfolio purchase history. Results include a synthetic peer comparison for purchase, risk and servicing, according to a press release.
MicroStrategy, which provides enterprise analytics to a variety of industries, is providing the technology for Freddie Mac’s ECO platform.
“With enterprises like Freddie Mac, you have to strategically make the decision to invest in technology to drive these transformations across your business to give them that competitive edge,” said Vijay Anand, the vice president of product marketing at MicroStrategy.
The mobile nature of ECO and its capabilities fit well with the mortgage industry, Anand added. ECO enables mortgage specialists to have conversations with borrowers at any time and can be accessed offline when a Wi-Fi or mobile network connection is unavailable.
“We built a very app-centric approach to solve a very specific problem for the end user,” Anand said.