Informative Research, which offers data-driven credit and verification solutions to the lending community, has announced that its AccountChek solution now supports new enhancements to Fannie Mae’s Desktop Underwriter (DU) validation service.
The new enhancements are designed to streamline the digital pre-close verification of employment (VOE), significantly enhance overall efficiency and improve the borrower experience, the firm says in a release.
As outlined in Fannie Mae’s Selling Guide, lenders are required to complete a 10-day pre-close verification of employment.
As of Sept. 20, 2024, lenders utilizing the DU validation service can meet this requirement using an AccountChek deposit-based VOE report (DVOE). The report displays deposit transactions while omitting other bank data transactions, offering a more focused and efficient verification process. Approval applies to loan case files where employment was initially validated using an AccountChek asset verification report (VOA).
Lenders can utilize a single AccountChek order completed by the borrower to generate both a VOA report for asset, income and employment verification and a DVOE report for the 10-day pre-close verification. Although distinct, both reports are generated from a single AccountChek order, simplifying the process.
“We’ve witnessed the significant impact of utilizing AccountChek’s asset verification for upfront processes,” says Brian Francis, head of AccountChek at Informative Research. “With Fannie Mae’s latest updates allowing lenders to extend this streamlined approach to pre-close employment verification, we anticipate even greater operational efficiencies and cost savings.”
“This update not only enables the use of AccountChek DVOE report, but by removing the DTI limit, it also expands the scope of loan casefiles eligible for asset-based income and employment validation, as well as providing findings to the lender regardless of the DU recommendation,” Francis adds. “These changes expand lenders’ ability to use a single AccountChek order to verify income and employment on a loan.”
“This collaboration provides a new way for lenders to digitally verify employment when using Desktop Underwriter,” says Peter Skarnulis, vice president of single-family digital management solutions at Fannie Mae, “and is part of our continued focus on delivering value through the products and services that we offer.”