Following FormFree‘s announcement during the Mortgage Bankers Association’s (MBA) Annual Convention & Expo that its AccountChek asset verification service is the first to get “designated vendor” status in connection with Fannie Mae’s new Desktop Underwriter (DU) validation service – which is part of Fannie Mae’s Day 1 Certainty reps and warrants relief initiative – Guild Mortgage is now an AccountChek subscriber.
Guild, which offers a range of residential mortgage products, participated in the pilot for Fannie Mae’s Day 1 Certainty initiative earlier this year. During the pilot period, the firm had the opportunity to test drive AccountChek, “and the response from our loan officers was overwhelmingly positive,” says Jason Cho, vice president of product strategy for Guild.
“Manual bank statement collection and review is time-consuming and frustrating for borrowers and lenders alike,” Cho says in a release. “As a cutting-edge lender and trusted advisor to our borrowers, Guild is always looking for ways to make the lending process more efficient and user-friendly.”
Enter AccountChek, which not only delivers a better borrower experience by empowering borrowers to submit their financial data directly to lenders in minutes using a secure app, but also allows lenders using Fannie Mae’s DU 10.0 to get reps and warrants relief via the Day 1 Certainty program.
“Once Fannie Mae announced its decision to make AccountChek available through DU – and extend reps and warrants relief to ability-to-repay determinations made using AccountChek – our decision was made,” Cho says. “Guild has always maintained excellent relationships with our investors, and we have confidence in Fannie Mae’s vendor selection process and commitment to building a better borrower experience.”