Fannie Mae diversifies Day 1 Certainty report suppliers
Fannie Mae's latest expansion of the vendor base for its Day 1 Certainty representation and warranty relief gives lenders another choice in two categories that previously had exclusive report suppliers.
Fannie is adding DataVerify as a supplier of income and employment validation reports, Finicity as a supplier of asset validation reports and National Credit-reporting System as a supplier of tax transcript validation services, according to an updated vendor list posted on its website.
"Participating in Fannie Mae's Day 1 Certainty program was a key NCS initiative for 2017," said Curtis Knuth, executive vice president, in a company press release on Monday. Knuth is also incoming CEO and president of the company, while his father, Robert, will leave his post as CEO and president and become chairman of NCS on Nov. 1.
While Fannie has given the go-ahead to numerous vendors that can resell or provide verification reports verifying loan data for Day 1 Certainty, there are fewer approved suppliers of the original reports.
Notably, beleaguered Equifax has been the only supplier of income and employment validation reports. Having suffered a massive security breach, the firm is now working to shore up security. Also, FormFree has been the only listed supplier of asset validation reports. There about a dozen suppliers of tax transcript validation reports as compared to almost 40 resellers.
Fannie also lists several other prospective report suppliers as "coming soon" or "in pilot" and is expanding its list of integration technology providers.
Envestnet and its Yodlee digital financial platform are integrating with Fannie Mae through a pilot program to digitally validate borrowers' assets, according to a company press release issued Monday.
Credit Plus recently completed its integration of 4506-T tax transcript reports with Fannie's DU validation service for Day 1 Certainty purposes, according to a company press release issued last Thursday.