Fannie expands Day 1 Certainty program (National Mortgage News)

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Fannie is currently testing single-source validation of borrower’s assets, income and employment that could qualify lenders for immediate representation and warranty relief on these data points, President and CEO Timothy Mayopoulos announced at the MBA Annual Convention here.

The single source report, which is on track for rollout to the broader market next year, analyzes data from the borrower’s bank account, including pay stream and deposit information…

…Quicken Loans, United Wholesale Mortgage and FormFree are among the companies testing the single source Day 1 Certainty report, which is on track for rollout to the broader market next year.

This is an excerpt. Read the full story in National Mortgage News (subscription required).