“The ability to achieve Day 1 Certainty is a crucial advantage for lenders who must meet new consumer expectations for a faster, simpler mortgage experience,” says Roger Hull, president and chief product officer for Origence, in a release. “Our Day 1 approval ensures our clients will be able to deliver faster responses to borrowers, while eliminating an enormous amount of manual effort behind the scenes. At the same time, they get a state-of-the-art platform that maximizes automation, so they can close loans faster and at a lower cost.”
Fannie Mae’s Day 1 Certainty initiative is designed to provide lenders with enhanced loan origination controls, improved processes and certainty around the borrower’s assets, income and employment information, in addition to relief from representations and warranties on validated loan components.
Introduced in October, the Origence platform is an end-to-end system that combines point-of-sale and loan origination system tools.
The system is also equipped with an open application programming interface (API) and microservices architecture for smoother integrations with third-party technologies and services, in addition to marketing automation tools that empower lenders to increase sales opportunities and pull-through rates.
Several weeks ago the company announced that mortgage lender New American Funding had selected the Origence platform.