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:
To learn more, visit www.fanniemae.com/Day1Certainty.
TMC - Chief Operating Officer