CMG Financial Launches Omni Income to Streamline Mortgage Origination

CMG Financial, a leading privately held mortgage banking firm, has launched a new platform called Omni Income. This innovative tool integrates the Freddie Mac Income Calculator API into CMG's workflow, making it the first lender to do so. Developed in-house, Omni Income aims to streamline the origination process by automating income analysis and providing key users such as loan officers, processors, and underwriters with consistent calculations throughout the loan process.

Omni Income is designed to reduce manual work and minimize income discrepancies. According to Paul Akinmade, Chief Strategy Officer at CMG Financial, the platform is built to work alongside investor technology, ensuring that reliable income calculations are available earlier in the process. This reliability is crucial for leveraging eligible calculations without the need for manual recreation.

The platform extracts income information from borrower documentation and presents the extracted data, calculation, and supporting source documents together. This allows users to review and verify the analysis within a single workflow. During beta testing, complex self-employed income scenarios that typically took about an hour to complete manually were completed in single-digit minutes with Omni Income. This significant reduction in time is expected to increase productivity and accuracy.

Bezi Mousai, a CMG underwriter with 14 years of experience, was among the first to test Omni Income. Mousai noted that everything he needed was readily available, including the extraction, the math, and the document it pulled from. He stated, "Everything I need is right there. 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."

Omni Income is being expanded across CMG's sales organization, giving loan officers and production assistants access to the same income analysis used by underwriting. This integration is expected to improve the overall efficiency of the loan origination process, ensuring that income is analyzed correctly and consistently from the point of sale to the investor.

CMG Financial, founded in 1993, is known for its responsible lending practices, product innovation, and operational efficiency. The company operates in all states, including the District of Columbia, and holds approvals with FNMA, FHLMC, and GNMA. With Omni Income, CMG aims to continue its commitment to innovation and excellence in the mortgage banking industry.