During the Mortgage Bankers Association’s Annual Conference and Expo, mortgage giant Fannie Mae revealed a major upgrade to its Day 1 Certainty offering.
The new solution will help simplify the mortgage process for lenders and servicers, Fannie Mae explained, saying it will make the housing finance system stronger and safer while meeting customers’ needs by increasing certainty and lowering costs.
Various lenders are involved in the new Single Source Validation pilot program, building on its Day 1 Certainty, and the new product will be available to all lenders in 2018 as HousingWire previously reported. The new SSV will allow lenders to validate a borrower’s income, assets, and employment through one report using source data rather than multiple paper documents.
Due to popular demand, we reached out to Fannie Mae for more details on the new program. Most notable, the GSE revealed it intends to continue expanding its pilot program before making it available to all of its customers in 2018.
“We identified lenders that met our pilot criteria and were willing to participate and we will continue to add more lenders as we scale the program,” Fannie Mae told HousingWire.
Although this list will continue to grow, as of October 31, here are the companies Fannie Mae told HousingWire are participating in the pilot program:
Lenders: United Wholesale Mortgage and Quicken Loans
Vendors: FormFree and Finicity
Fannie Mae explained that after releasing Day 1 Certainty last year, it continued to listen to lenders, searching for ways to improve it.
“Fannie Mae was proud to introduce Day 1 Certainty last year and we have worked tirelessly to build on the benefits it provides,” the company told HousingWire. “We are listening and learning 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.” To see a full list of Day 1 Certainty’s participating vendors and integration technology providers, click here.