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Fannie Mae has announced a new initiative to streamline the mortgage origination process for lenders and homebuyers. Single-family lenders can use a single 12-month verification report in Desktop Underwriter validation services that will support lenders and help expand opportunities for prospective homebuyers.
Here are a few ways the new process can benefit you in your homebuying journey.
Improves Loan Control Quality
The new solution helps validate your income and employment as well as your assets all in one step. By identifying and considering an applicant’s positive rent payment and cash flow history, the process can potentially benefit qualified borrowers who have limited or no credit history.
Enhances Efficiency
The new initiative focuses on speeding up the mortgage finance process and helps lenders assist homeowners more quickly and productively. The update removes the big steps in the loan application process to make it more efficient for both lenders and borrowers.
Now, lenders can help you have a better homebuying experience by reducing the paperwork burden. It may even lead to an increase in the number of homebuyers who receive an approved or eligible recommendation through Desktop Underwriter.
Saves Money Down the Line
The new process uses data from third-party vendors and reduces third-party report expenses as well as staff time. The “clear to close” process is now faster and features a tool that helps homebuyers find assistance with down payment and closing costs. It could also increase loan quality and reduce repurchase risk.
Fannie Mae is committed to expanding these opportunities for those who are ready to purchase a home and maintain a mortgage. If you’re working with an agent, talk to them about this and other ways they can help you achieve your homeownership dreams faster and more efficiently. No agent? Find one here.
