How to FraudGuard Users access TWN in Fannie Mae’s Day 1 Certainty Program
A lender must opt-in with Equifax and activate the appropriate institution ID with Fannie Mae to allow for audited copies of employment verifications to be provided to Fannie Mae/DU upon request. The employment verifications are reviewed by Fannie Mae based on Social Security Number & Loan Number. If a successful validation is made, lenders may be relieved of having to collect pay stubs and W-2 forms as the verification will be accepted in lieu of these documents.
4506-T Status Update in the Day 1 Certainty Program
We are pre-approved and officially registered with Fannie Mae as a designated vendor in their Day 1 Certainty program for Income Validation with our 4506-T Tax Transcript Service. The on-boarding process is in motion, to be followed by a pilot and production phase. We will continue to communicate progress as we move onto the next phase with Fannie Mae.
Fannie Mae’s Day 1 Certainty Background
Last October, Fannie Mae launched their Day 1 Certainty program aimed at helping lenders who sell loans to Fannie Mae, providing Day 1 Certainty in the form of enforcement relief of certain representations and warranties for validated components. As part of the program, Desktop Underwriter (DU®) began a validation service designated to provide customers with enhanced loan origination controls, improved processes and certainty around the borrower’s income, asset and employment verification.
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