Fannie Mae approved its first end-to-end digital mortgage platform for its Day 1 Certainty on Tuesday.
Blend, a Silicon Valley technology company propelling the consumer lending industry into the digital age, announced it became the first end-to-end platform to be approved to provide asset verification reports for Fannie’s Desktop Underwriter.
Fannie Mae’s DU validation service is designed to provide customers 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.
Blend’s consumer lending process allows lenders to validate their loans automatically for Day 1 Certainty eligibility.
“Our relationship with Fannie Mae lets us offer lenders seamless integration with Day 1 Certainty right out of the box – there are no additional borrower or lender actions required to realize the benefits,” said Brian Martin, who leads Blend’s business development team.
“Everyone involved will benefit from reduced paperwork, significantly lower risk, and an accelerated mortgage process,” Martin said. “Our work with Fannie Mae will continue to target a more frictionless process that better serves borrowers.”
The process will allow lenders to decrease processing and underwriting time with the confidence of the verified data and the paperless process. Blend explained this will create a more seamless experience for its consumers.
“We’re excited to have a full solution in Blend with Day 1 Certainty embedded available for all our borrowers,” SWBC Mortgage CEO Susan Stewart said. “Blend and Fannie Mae have been incredible partners on our journey to transform the mortgage process, and we look forward to taking this next big step toward a truly digital mortgage together.”