CoreLogic, a global property information, analytics and data-enabled solutions provider, has announced that, effective in early August, it will have fully integrated its leading 4506-T income verification product with Fannie Mae’s Desktop Underwriter (DU) platform.
According to 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.
CoreLogic integration with DU delivers verification data that meets Fannie Mae’s underwriting requirements, providing more certainty in income calculation and asset verification while lowering the risk of potential borrower fraud through altered bank statements.
The DU verification service provides lenders with the following:
- Streamlined loan processing: Keeps lenders focused on exceptions.
- Dynamic underwriting: Validates key loan data up front, provides more certainty on income calculation and asset verification, and confirms that the validated information meets Fannie Mae’s requirements.
- Process efficiencies: Reverification is not required for assets, income, and/or employment validated in DU.
- Lower fraud risk: Lenders have lower fraud risk when data is gathered from the source.
- Freedom from representations and warranties: Day 1 certainty gives lenders freedom from representations and warranties for validated loan components, plus greater speed and simplicity, and enables an improved borrower experience.
“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,” says Eric Connors, executive, for mortgage and credit analytics for CoreLogic. “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.”