Mortgage

Fannie Mae CEO to mortgage lenders: Day 1 Certainty makes you more competitive

Is this our benchmark for efficiency?

When it launched a year-and-a-half ago, Day 1 Certainty promised to offer mortgage lenders more confidence and help save borrowers time in their loan application.

This morning, following the Fannie Mae first quarter results, CEO Timothy Mayopoulos provided an update on the program’s progress for mortgage lenders.

“When we launched Day 1 Certainty, we viewed it as a journey,” he told HousingWire’s LendingLife community this morning, “We didn’t expect [it] to become universally adopted, but rather adopted overtime.”

Day 1 Certainty promises mortgage lenders (Fannie Mae customers) the following:

  • Provides Fannie Mae customers with tools to reduce risk and improve the experience they provide to borrowers in the primary market. DU validation services give lenders certainty on Day 1 that they will receive freedom from representations and warranties for income, assets, and employment information validated through DU.
  • Validates the loan application data up-front and gives lenders faster and easier verification of key loan data components.   
  • Gives lenders the ability to offer their borrowers a dramatically better mortgage experience. Borrowers will be able to save time by using electronic data versus collecting documents such as paystubs, bank statements, and investment account statements.

Mayopoulos said the list of lending partners and third-party vendor-partners will continue to grow as people in the mortgage lending business continually adapt to an increasingly tech-savvy environment.

“Lenders who figure out how to make changes, lenders who embrace this most vigorously, and this varies from lender to lender, will eventually benefit by reducing time for the borrower, reducing their expense and produce more completion in the market,” he said

Most Popular Articles

Fannie Mae, Freddie Mac watchdog prepping for "massive IPO"

The watchdog for Fannie Mae and Freddie Mac is interviewing Wall Street firms to handle a public offering that would dwarf any IPO in history, Fox says.

Dec 09, 2019 By

Latest Articles

Zillow expects the housing market's good times to keep rolling in 2020

The single-family housing market has been busy and bustling in 2019, thanks to lower than expected interest rates throughout much of the year. Zillow expects more of the same in 2020.

Dec 11, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please