Fannie Mae reports that it is making several improvements to its Day 1 Certainty program, which gives mortgage lenders that use Fannie Mae’s software and services rep and warranty relief.
Specifically, the company is adding a new Single Source Validation service to the mix. This new service combines income, asset and employment verification in a single report, the company says in a release. The big difference here is that Fannie Mae is using source data as opposed to paper documents for income, job and asset verification. This will make it faster and simpler for lenders to originate loans. Lenders can use the Fannie Mae-approved vendor(s) of their choice for income, job and asset verification. This new service is currently in pilot and is expected to be officially rolled out in 2018.
Fannie Mae has also built an Application Programming Interface (API) platform that will make it possible for lenders to more easily plug into Fannie Mae data and technology solutions. This way, they can quickly access the full set of Desktop Underwriter Messages data, driving efficiencies in their processes. The new API platform is also scheduled for delivery in 2018.
The company has also developed a new Servicing Marketplace that connects servicers and sellers interested in partnering with each other for servicing transfers when sellers sell loans to Fannie Mae. The company says this new marketplace brings improved transparency to the MSR transfer process, while removing cost and friction. The new marketplace will be available come December.