CoreLogic will fully integrate its 4506-T income verification product in August with Fannie Mae's Desktop Underwriter platform to provide Day 1 Certainty service. The verification data delivered through CoreLogic's integration meets Fannie Mae's underwriting requirements.
When a lender submits borrower data for a conventional mortgage through the platform, DU will be able to utilize CoreLogic data to validate the information entered. The service verifies key loan data up front and offers more certainty on income calculation and asset verification.
Reverification is not required for income, assets and/or employment validated through the platform.
"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," said Eric Connors, mortgage and credit analytics executive at CoreLogic, in a press release.
"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," he continued.
Through DU, mortgage lenders will have automated access and rapid rep and warrant relief for validated loan components. Risk of fraud is lowered for lenders utilizing the DU service.
Fannie Mae announced its Day 1 Certainty program in October 2016 and named Equifax its first third-party vendor of income and employment verifications.