Fannie Mae unveiled new solutions at the Mortgage Bankers Association 2017 Annual Convention and Expo in Denver that will lower costs and shorten the mortgage process. Fannie Mae introduced its new Single Source Validation, a service that is now on pilot, which allows lenders to validate a borrower’s income, assets and employment through one report using source data rather than multiple paper documents. The company explained this step will amplify savings and make it easier to originate loans.
Currently the DU validation service accepts the following eligible reports:
- AccountChek Asset Report (FormFree)
- Avantus IRS-Direct Tax Transcripts
- CoreLogic 4506-T Direct
- DataVerify 4506-T IRS Tax Transcripts
- Equifax 4506-T Tax Transcript
- Equifax Employment and Income Verification (including The Work Number®)
- Finicity Verification of Assets
- First American Mortgage Solutions 4506-T Tax Transcripts
- Informative Research 4506-T Tax Transcripts
- MeridianLink, Inc. 4506-T Tax Transcript Service
- NCS (National Credit-reporting System, Inc.) TRV® Transcript Service
- Partners Credit & Verification Solutions 4506-T Tax Transcripts (IncomeVerify)
- PointServ 4506-T Tax Transcript
- SharperLending 4506-T Tax Transcript
- Taxdoor 4506-T Service from Chronos Solutions
- Veri-Tax 4506-T Tax Transcripts
- Verification of Employment (VOE) and Verification of Income (VOI) from DataVerify