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Fannie Mae Unveils Innovative Solutions to Lower Costs, Shorten the Mortgage Process
Friday, October 27, 2017 6:25 AM

Fannie Mae (FNMA/OTC) this week introduced innovative solutions that build on the strong foundation of Day 1 Certainty and further simplify the mortgage process for lenders and servicers. Fannie Mae's new solutions will help make the housing finance system stronger and safer while meeting customers' needs by simplifying the process, increasing certainty, and lowering costs.

Fannie Mae's new Single Source Validation, a key enhancement to the company's Desktop Underwriter (DU) validation service that is now in pilot, will allow lenders to validate a borrower's income, assets, and employment through one report using source data rather than multiple paper documents, amplifying savings and making it easier to originate loans.

Fannie Mae's new Application Programming Interface (API) platform will make it possible for lenders of all sizes to easily plug into Fannie Mae data and technology solutions so they can quickly access the full set of DU Messages data, driving efficiencies in their processes. The company’s new Servicing Marketplace will connect servicers and sellers interested in partnering with each other for servicing transfers when sellers sell loans to Fannie Mae, providing transparency to the system while removing cost and friction.

Single Source Validation saves lenders time and money.

  • Allows lenders to validate a borrower's income, assets, and employment with a single report from a single approved vendor that the lender chooses.
  • Uses source data for validation (a borrower's bank account, including pay stream and direct deposit information).
  • Reduces the number of paper documents borrowers need to provide.
  • Amplifies savings already being realized by lenders who currently use Day 1 Certainty validation services.
  • Currently in pilot with expected rollout to all customers in 2018.

New API platform levels the playing field for lenders.

  • Provides lenders with all the information they need from Desktop Underwriter to originate a loan.
  • Allows lenders to access information that they can customize to their needs.
  • Uses industry-standard data formats and protocols so lenders can integrate the Fannie Mae API to their systems quickly and easily.
  • Currently in pilot with expected rollout to all customers in 2018.

Servicing Marketplace brings sellers and servicers together, saving time and adding transparency around servicing transfers.

  • Provides sellers greater access to servicers when they sell loans to Fannie Mae and creates more efficiencies in managing co-issue transactions with Fannie Mae.
  • Offers transparent pricing, a standardized process, and standardized data requirements when a loan is sold to Fannie Mae.
  • Improves data quality and simplifies the servicing rights transfer process for sellers and servicers.
  • Available in December 2017.

For more information on how Fannie Mae is improving the housing finance system through continued innovation, please visit buildingoncertainty.com.

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.