Lost in all a hullabaloo about Fannie Mae’s big announcement this week that it would be charity lenders insurance from buyback risk, supposing a lender uses Fannie Mae’s Desktop Underwriter and Collateral Underwriter tools, was usually how Fannie Mae dictated to yield lenders with that protection.
Part of a Fannie Mae’s “Day 1 Certainty” module stipulated that lenders use Desktop Underwriter for validation of borrowers’ income, assets, and employment.
But how is Fannie Mae going to establish a borrower’s assets? By regulating AccountChek from FormFree Holdings, as it turns out.
FormFree announced progressing this week that Fannie Mae chose it as a initial “designated vendor” for item corroboration by Desktop Underwriter.
As partial of a Day 1 Certainty program, Fannie Mae will offer “enforcement use of certain representations and warranties for certified components,” with use privately for item corroboration that takes outcome on Dec. 10.
And that’s where FormFree’s use comes in.
According to sum supposing by FormFree, AccountChek enables lenders to “easily and securely” investigate a borrower’s item information to establish ability-to-repay by regulating direct-source data, expelling a need for borrowers to collect, duplicate and contention paper statements.
Now, that use will now be integrated into Desktop Underwriter.
“Today represents a start of a new epoch in debt lending, and FormFree is anxious to be during a forefront of such an sparkling change in a industry,” pronounced Brent Chandler, CEO and owner of FormFree.
“Automated item corroboration is an thought whose time has finally come. Every day, we’re reminded of a supremacy of safeguarding borrower data. In addition, regulators have placed heated inspection on a processes by that lenders make their underwriting decisions,” Chandler continued.
“The proclamation from Fannie Mae moves us one step closer to a wholly digital debt transaction formed wholly on information that is inexperienced by tellurian hands, injecting both confidence and objectivity into a approve/deny decision,” Chandler added. “This form of lending sourroundings not usually advantages a debt industry, though it also creates a improved lending knowledge for a borrower by providing a some-more streamlined routine giveaway of any spirit of bias.”
Again, a item corroboration apportionment of a Day 1 Certainty module takes outcome on Dec. 10.
Article source: http://www.housingwire.com/articles/38380-formfree-chosen-to-provide-asset-verification-for-fannie-mae