From Fannie Mae – 1.17.2017
Are You Getting Day 1 Certainty Yet?
Day 1 Certainty™ gives lenders increased efficiency and freedom from representations and warranties on key mortgage loan components. Leverage the Day 1 Certainty™ offerings from Fannie Mae to serve your customers through even more efficient origination, processing, and closing of mortgage loans.
Day 1 Certainty Benefits
Lenders who tested the Desktop Underwriter® (DU®) validation service told us that it streamlined the loan origination process and brought efficiencies to their business processes. They reported:
· Pre-approval process measured in minutes as opposed to days
· Meaningful process efficiencies – processors save approximately 90 minutes and underwriters save 20-30 minutes of touch time as they’re able to focus on managing exceptions; 4-7 days saved overall
· Enhanced borrower experience – save time by leveraging electronic data over paper
Day 1 Certainty also gives you freedom from rep & warrants on appraised value for many loans, and more opportunities for appraisal waiver offers on refinances.
Get Day 1 Certainty with:
DU Validation Service for Income, Assets, and Employment
Lenders must opt in to use the DU validation service. Just follow these simple steps:
· Review resources on the DU Validation Service page DU Validation Service Page
· Engage the report vendors of your choice
· Complete and submit the DU Validation Service Setup Form
Enhanced Property Inspection Waivers in DU
No opt in is required to get more appraisal waivers on refinances – with enhanced PIWs, the offers issue automatically in DU for eligible refinance transactions. You may choose to exercise the PIW offer by delivering the loan with special feature code 801. An exercised PIW offer provides freedom from reps and warrants on property value, condition, and marketability. And – great news – there is no longer a fee for exercising a PIW offer. View details on the PIW page.
Certainty on appraised value powered by Collateral Underwriter® (CU™)
No opt-in is needed for this great new benefit. See how to get freedom from reps and warrants on property value with a CU risk score of 2.5 or lower, and learn more about CU.
Get More Information or Assistance
Visit the Day 1 Certainty web page for more information, including training resources, FAQs, and much more.
TMC - Chief Operating Officer