The Mortgage Collaborative
  • Home
  • TMC Conferences
    • 2021 Summer Conference
    • 12 Days of TMC
  • The Network
    • The Power of the Network
    • Preferred Partner Network
  • Benefits
    • Collaboration Labs
    • Working Groups
    • TMC Benchmark
    • Member Event Calendar
    • TMC Blog
    • TMConnect
  • Join Our Family
  • About TMC
    • Our Team
    • Contact
    • Testimonials

TMC Blog

Fannie Mae Announces Day 1 Certainty Initiative

11/2/2016

0 Comments

 
Picture
On October 24th, Fannie Mae announced the launch of ground-breaking Day 1 Certainty™, a new initiative to provide its customers with freedom from representations and warranties on key aspects of the mortgage origination process.

As part of Day 1 Certainty, Fannie Mae is offering income, assets, and employment validation services to lenders through its leading mortgage underwriting system, Desktop Underwriter® (DU®). In addition, Fannie Mae will provide freedom from representations and warranties on appraised values through Collateral Underwriter® and enhanced waivers of property inspection requirements on refinances. Together, these innovations deliver greater speed, simplicity, and certainty to lenders and borrowers. They also bring stronger risk management and promote greater digitization of data and processes to the mortgage industry.

“Day 1 Certainty is a major step forward in helping our customers transform the mortgage origination process,” said Timothy J. Mayopoulos, president and chief executive officer, Fannie Mae. “Ultimately, we want our customers to have the confidence to lend, so that more qualified borrowers have access to affordable mortgage credit. We will continue to listen to our customers and partner with them to deliver innovative solutions that address the nation’s most important housing challenges. We aim to be America’s most valued housing partner and today – with Day 1 Certainty – I am proud of the positive change we’re making for our customers and the housing finance system.”
Benefits of Day 1 Certainty:
Desktop Underwriter Validation Services for Income, Assets, and Employment:
  • 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.
  • Income validation is available today. Asset and employment validation will be available on December 10, 2016.
Collateral Underwriter for Greater Certainty:
  • Provides Fannie Mae lenders Day 1 Certainty on appraised values.
  • When a property receives a qualifying score through Collateral Underwriter, customers can be certain they will receive representation and warranty relief for the appraised value of the property.
  • Enables lenders to focus more of their attention on high-risk appraisals. It also makes the process more efficient for appraisers due to fewer underwriter requests for correction and clarification.
  • Collateral Underwriter freedom from representation and warranty for appraised value starts on December 10, 2016.
Enhanced Property Inspection Waiver:
  • Offers customers, who use Desktop Underwriter, eligibility for a waiver of Fannie Mae’s property inspection requirement for many refinance transactions. When a waiver offer is issued and accepted by the lender, they have Day 1 Certainty that they will receive representation and warranty relief on property value, condition, and marketability.
  • Shortens the origination process and reduces loan origination costs making it easier for lenders to do business and making the process easier for borrowers.
  • Enhanced Property Inspection Waiver for all lenders starts December 10, 2016.

To learn more, visit www.fanniemae.com/Day1Certainty.

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Rich Swerbinsky

    TMC - Chief Operating Officer

    View my profile on LinkedIn

    Archives

    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    June 2019
    April 2019
    March 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    January 2016
    December 2015
    November 2015
    October 2015
    August 2015
    June 2015
    May 2015

    Categories

    All
    MBA

Proudly powered by Weebly
  • Home
  • TMC Conferences
    • 2021 Summer Conference
    • 12 Days of TMC
  • The Network
    • The Power of the Network
    • Preferred Partner Network
  • Benefits
    • Collaboration Labs
    • Working Groups
    • TMC Benchmark
    • Member Event Calendar
    • TMC Blog
    • TMConnect
  • Join Our Family
  • About TMC
    • Our Team
    • Contact
    • Testimonials