Fannie Mae upgrades their Day 1 Certainty™ services and introduced new solutions that will simplify the process and lower its costs. The upgrade also promises to increase customer certainty and make the housing finance system stronger and safer.
Fannie Mae President and CEO, Timothy J. Mayopoulos, spoke about the upgrade in a press release.
He said, “Fannie Mae was proud to introduce Day 1 Certainty last year and we have worked tirelessly to build on the benefits it provides. We continue to listen and learn from our many customers who have signed up for one or more of our Day 1 Certainty services, and we are using that feedback to make the mortgage process faster, less expensive, and easier for everyone.”
Committed to creating more solutions
He also expressed Fannie Mae’s commitment to giving more innovative solutions to services in the future. He said, “We are committed to delivering more innovative solutions that help solve our customers’ most important business challenges and creating a stronger and safer 21st-century housing finance system.”
The Fannie Mae upgrades include three new innovative solutions: Single Source Validation, a new Application Programming Interface, and the new Servicing Marketplace platform. Each has its own unique set of features. Here are each of the platform’s benefits and purposes.
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Single Source Validation
Single Source is currently in the pilot stage and is a major enhancement to their DU® validation service. It’s a simplified service that improves the borrower’s experience through fewer documentation requirements.
Lenders will also have an easier income validation process through one report rather than through multiple documents. Here is Fannie Mae’s detailed list of what this service offers:
- Allows lenders to validate a borrower’s income, assets, and employment with a single report from a single approved vendor that the lender chooses.
- Uses source data for validation (a borrower’s bank account, including pay stream and direct deposit information).
- Reduces the number of paper documents borrowers need to provide.
- Amplifies savings already being realized by lenders who currently use Day 1 Certainty validation services.
- Currently in pilot with expected rollout to all customers in 2018.
Application Programming Interface
Their new Application Programming Interface Platform makes it easier for lenders to plug into Fannie Mae’s data and tech solutions so that they can get a quick access to the full set of DU® Messages data.
This will make lenders experience efficiency and faster integration in their processes. Here is the complete list of what this service offers:
- Provides lenders with all the information they need from Desktop Underwriter to originate a loan.
- Allows lenders to access information that they can customize to their needs.
- Uses industry-standard data formats and protocols so lenders can integrate the Fannie Mae API to their systems quickly and easily.\
- Currently in pilot with expected rollout to all customers in 2018.
Servicing Marketplace
The Servicing Marketplace Platform is for co-issue sales transactions. It connects sellers and servicers together in order to deliver “pricing certainty, transparency, and operating efficiency.”
Its key benefit includes the standardizing of data exchange and delivery process to push for efficiency and help sellers improve the overall liquidity of their loan and servicing rights.
Here is the complete list of the service from Fannie Mae’s press release:
- Provides sellers greater access to servicers when they sell loans to Fannie Mae and creates more efficiencies in managing co-issue transactions with Fannie Mae.
- Offers transparent pricing, a standardized process, and standardized data requirements when a loan is sold to Fannie Mae.
- Improves data quality and simplifies the servicing rights transfer process for sellers and servicers.
- Available in December 2017.
More information about the different Fannie Mae upgrades, together with helpful demos for each service, can be accessed through their online resource.
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