Online lender Fannie Mae announced on Monday the launch of its new single source validation, new API platform, and servicing marketplace for servicing transfers. The solutions on build on the company’s Day1Centainty and were created the website’s mortgage process. While sharing details about the new solutions, Timothy J. Mayopoulos, Fannie Mae President and CEO, stated:
“Fannie Mae was proud to introduce Day 1 Certainty last year and we have worked tirelessly to build on the benefits it provides. We continue to listen and learn from our many customers who have signed up for one or more of our Day 1 Certainty services, and we are using that feedback to make the mortgage process faster, less expensive, and easier for everyone. We are committed to delivering more innovative solutions that help solve our customers’ most important business challenges and creating a stronger and safer 21st century housing finance system.”
Fannie Mae listed the features of each product:
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.
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.
Servicing Marketplace
- 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.
Both the single source validation and API platform are currently in pilot and are expected to be rolled out to all customers next year, while the servicing marketplace will be available to customers in December 2017.
