The move toward digitization and a paperless mortgage process to create efficiencies, manage risk, reduce costs and improve the borrower experience has been under way in the mortgage industry for a while.
Fannie Mae’s Day 1 Certainty, introduced at MBA Annual in October, is one of the latest efforts to push the technology envelope while managing risk for lenders, adding certainty to their process, and improving the mortgage experience for all parties.
Fannie Mae introduced Day 1 Certainty with FormFree’s AccountChek as the first designated vendor to manage asset verification through DU. Equifax was selected as a designated vendor to provide employment and income verification (through its The Work Number service) and IRS tax transcript fulfillment. The use of electronic validation eliminates the need for borrowers (and lenders) to gather paper documents such as paystubs, W-2s, or bank statements.