RED BANK, N.J., May 1, 2024 /PRNewswire/ -- In a strategic update to its Selling Guide, Freddie Mac announces the adoption of IRS Form 8821 as an alternative for obtaining tax transcript for income verification, embracing the pioneering solutions offered by Halcyon. This initiative is a significant milestone in Halcyon's vision to revolutionize mortgage industry standards by facilitating the direct delivery of tax transcripts in both PDF and data formats more efficiently and cost-effectively.

Asset and income modeler:
"Based on Seller feedback, we have updated automated income assessment with Loan Product Advisor using tax data, which is part of asset and income modeler, to clarify that Internal Revenue Service (IRS) Form 8821 is an acceptable alternate form in lieu of IRS Form 4506-C.
Guide impacts: Sections 5302.5 and 5903.5"
https://guide.freddiemac.com/app/guide/bulletin/2024-6

Halcyon, a front-runner in financial technology solutions, crafted a system designed to not only enhance efficiency and reduce expenses but also to support the Federal Housing Finance Agency's Duty to Serve (DTS) mandate. This mandate aims to improve housing finance options for families with very low to moderate incomes. By naming IRS Form 8821 specifically as an acceptable method to obtain tax transcript information for Freddie Mac's Asset and Income Modeler (AIM), both entities underscore their commitment to delivering innovative, affordable mortgage lending solutions.

"Our collaboration with Freddie Mac to integrate IRS Form 8821 marks a significant advancement that highlights our dedication to providing accessible, cost-effective solutions in the housing finance sector," says Kirk Donaldson, CEO of Halcyon. "This accomplishment reflects our strategic use of technology to support not just lenders but also the broader community of borrowers by significantly lowering underwriting costs and fulfilling the Duty to Serve mandate." Halcyon and Freddie Mac Partnership Brings VOI Innovation to Lending Market (globalfintechseries.com)

About Halcyon

Halcyon is a fintech innovator dedicated to transforming the mortgage industry with cutting-edge solutions that bolster efficiency and accessibility. Established on the principle that advanced technology should be both straightforward and affordable, Halcyon continues to propel mortgage lending and finance management forward. For more information, visit www.halcyonsw.com.

Contact:

Bridget Trevino
Chief Revenue Officer, Halcyon
info@halcyonsw.com
www.halcyonsw.com

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SOURCE Halcyon