CMG Financial Launches Omni Income, First to Go Live on Freddie Mac Income Calculator API

Omni Income automates income analysis and gives key users such as loan officers, processors and underwriters access to the same calculation throughout the origination process. By making reliable income calculations available earlier, CMG aims to reduce manual work, minimize income discrepancies and give loan officers greater confidence before a file reaches underwriting.

For eligible loans submitted through Freddie Mac's automated underwriting system, Loan Product Advisor^® (LPA^®), income calculated through the Freddie Mac Income Calculator may be eligible for representation and warranty relief. This allows users to leverage eligible calculations without recreating them manually. That reliability is what makes the calculation safe to share earlier in the process.

CMG is expanding Omni Income across its sales organization, giving loan officers and production assistants access to the same income analysis used by underwriting.

"Our AI-enabled Omni Income platform features the Freddie Mac Income Calculator API as its first integration," said Paul Akinmade, Chief Strategy Officer at CMG Financial. "The investor defines the standard, and the lender has to live inside it every day. When the two build together instead of in sequence, you get technology that works with a real file in a real production environment."

CMG developed Omni Income with a focus on the needs of underwriters. The platform extracts income information from borrower documentation and presents the extracted data, calculation and supporting source documents together, allowing users to review and verify the analysis within a single workflow. Because extraction completes in the same sitting rather than requiring users to upload documents and return later, the analysis is practical at the point of sale to investors, not only in underwriting.

Bezi Mousai, a CMG underwriter for 14 years, was among the first to test Omni Income. Beta scenarios included multiple business entities, W-2 wages and rental income.

"Everything I need is right there," Mousai said. "It shows me the extraction, it shows me the math, and it shows me the document it pulled from. I don't have to go re-do the work to believe it."

Asked what the platform changes for him, Mousai did not focus on productivity alone. "This gets me to where I can balance my life a little better, and it makes me more productive at the same time," he said. "Income is the most important component of a loan. Getting it right faster changes the whole day."

During beta testing, complex self-employed income scenarios that Mousai estimated could take about an hour to complete manually, or roughly 40 minutes using a conventional extraction tool, were completed in single-digit minutes with Omni Income. CMG is continuing to validate performance at production volume as the platform rolls out.

"We made an AI-first bet on building our own tools, which means we can solve problems in weeks instead of roadmap quarters," Akinmade said. "Being first was not the goal. It is a result of building alongside our investors and focusing on technology that solves real problems for our teams and borrowers."

The Freddie Mac Income Calculator API is the first of several integrations planned for Omni Income. CMG plans to expand the platform across additional investor technology and incorporate investor guidelines directly into the platform for products without an income calculation API.

About CMG Financial

CMG Financial is a well-capitalized mortgage lender founded in 1993. Founder and CEO, Christopher M. George, was Chairman of the Mortgage Bankers Association in 2019. CMG makes its products and services available to the market through three distinct origination channels including retail lending, wholesale lending, and correspondent lending. CMG currently operates in all states, including the District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. CMG is widely known throughout the mortgage banking and housing markets for responsible lending practices, industry and consumer advocacy, product innovation, and operational efficiency. CMG Mortgage, Inc. NMLS ID# 1820 (www.nmlsconsumeraccess.org | www.cmghomeloans.com).

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SOURCE: CMG Financial