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Fannie program frees lenders from reps, warranties (Dodd Frank Update)

The biggest news coming from the Mortgage Bankers Association’s annual convention in Boston might have been among its earliest, as Fannie Mae President and CEO Timothy Mayopolous announced the launch of the Day 1 Certainty program.
The program will free lenders from reps and warranties on loans sold to Fannie Mae, with some of the program available today and the rest launching Dec. 10.
As part of Day 1 Certainty, Fannie Mae is offering income, assets and employment validation services to lenders through Desktop Underwriter, its leading mortgage underwriting system. In a press conference Tuesday, Fannie Mae Director of Strategy and Planning Cindy Keith said partnerships with Equifax would provide the verifications in income and employment through the Work Number product, while FormFree would bring asset verifications products to the table. Read on for the details.
See this story as it originally appeared in the Dodd Frank Update.

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