"Upfront digital validation of key borrower loan components is an important step in our efforts to give lenders the Day 1 Certainty they need to transform the mortgage lending process," said Andrew Bon Salle, executive vice president, single-family business at Fannie Mae. "Along with freedom from representations and warranties, lenders will gain efficiencies and be able to provide a simpler borrower experience."
The DU validation service uses designated third-party data vendors to independently validate borrower income, assets, and employment data. Fannie Mae has an open platform for data vendor participation to provide choices to our customers. Fannie Mae is committed to ensuring that all qualified data vendors can participate in these validation services and is committed to ongoing communications as new vendors are approved to participate. Prospective designated vendors must undergo a third-party risk review and data accuracy tests, and participate in a pilot phase.
To learn more, visit www.fanniemae.com/Day1Certainty.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-offers-day-1-certainty-for-lenders-and-borrowers-with-validation-of-income-assets-and-employment-300376576.html
SOURCE Fannie Mae