First American Mortgage Solutions is Now Participating in Fannie Mae's Day 1 Certainty by Offering Equifax-The Work Number Services Integrated in FraudGuard
With our January 11th release, FraudGuard users can take advantage of Fannie Mae’s freedom from representations and warranties for employment and income verifications obtained through Equifax’s The Work Number® inside of FraudGuard.
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.
TMC - Chief Operating Officer