CoreLogic announced that its 4506-T income verification product has fully integrated with Fannie Mae’s Desktop Underwriter platform (UD) to provide Day 1 Certainty service.
In November 2016, Fannie Mae announced its new Day 1 Certainty program, which is designed to provide greater transparency and create a more efficient mortgage origination process.
Now, CoreLogic’s incorporation with DU delivers verification data that meets Fannie Mae’s underwriting requirements. When a lender submits borrower data for a conventional mortgage through the platform, DU will be able to use CoreLogic data to validate the information entered. The service verifies key loan data up front and offers more certainty on income calculation and asset verification.
“We are extremely pleased to be participating in Fannie Mae’s DU verification service. It represents the new standard for excellence, speeding up the workflow process, and providing borrower convenience and lender reassurance,” said Eric Connors, Executive of Mortgage and Credit Analytics at CoreLogic.
Mortgage lenders will be able to access these verification products as part of the DU validation service, providing automated access and rapid representations and warranties relief for validated loan components.
“Given our position as a market leader in providing income verification products, we embrace the opportunity to continue to lead the market in turn times and quality control,” Connors added.
Some of the other DU verification service benefits include, streamlined loan processing, dynamic underwriting, process efficiencies, lower fraud risk, and freedom from representations and warranties.