Chronos Solutions, a national real estate financial services provider, reports that its automated tax return verification system for income verification, Taxdoor, and its asset verification system, VODAchek, are now approved for use with Fannie Mae’s Day 1 Certainty program.
As such, the company is now providing these services by way of Day 1 Certainty, which provides mortgage lenders with rep and warranty relief provided they use Fannie Mae’s software and services.
“This is a crucial step toward achieving Chronos Solutions’ goal of helping America’s lenders originate more loans with greater confidence and less exposure to risk,” says Mark Hikel, CEO of Chronos Solutions, in a release. “It is also an important differentiator, as it will make our service offerings for our lender customers even more comprehensive.”
Taxdoor utilizes the Fannie Mae Desktop Underwriter (DU) validation service to add even greater capabilities to an automated, mobile-enabled transcript verification technology that was specifically designed to reduce IRS rejection rates by as much as 75%.
VODAchek provides lenders with access to instant, automated electronic bank statements with up to three months of borrower transaction details from 15,000 financial institutions through a secure, Web-based platform with flexible reporting tools.
Fannie Mae created Day 1 Certainty to provide lenders with enhanced loan origination controls, process efficiency and certainty around borrower data input into DU.
Fannie Mae requires report suppliers to undergo a rigorous assessment process and offers lenders rep and warrant relief on loan components validated through the program.