Freddie Mac is integrating document authoring software from e-Cognita Technologies, Inc., into its systems for its multifamily mortgage transactions.
Freddie Mac has installed Lexicon from Birmingham, Mich.-based e-Cognita to enhance its document preparation processes related to prior approval investment due diligence, as well as documentation related to loan purchases.
Lexicon is a component of StreamLoaner, a Java-based transaction management system. StreamLoaner automates commercial real estate lending for all parties involved in a transaction, streamlining the loan closing process, from underwriting through closing, for portfolio or sale. Commercial lenders and law firms using StreamLoaner benefit from its pipeline management capabilities and its ability to minimize repetitive data entry and improve communication between the parties to a transaction, as well as Lexicon, its document automation capabilities. StreamLoaner has been used to process more than $2 billion in commercial loans.
In making its "build or buy" decision, Freddie Mac concluded that e-Cognita's document authoring and automation capabilities were technologically compatible with existing systems and could be easily integrated with current and upcoming technologies.
"Lexicon will allow us to automate many of our time-intensive document generation processes," said Vic O'Laughlen, vice president of multifamily operations at Freddie Mac. "We expect that this system will boost the efficiency of our loan commitment and closing process by substantially reducing the time our legal staff and investment analysts spend on document preparation."