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Income verification continues to be one of the most critical—and complex—steps in the mortgage underwriting process. Whether you're working...
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In today's mortgage market, lenders face many challenges, including balancing the need for quick verification of borrower eligibility against expense management concerns.
To address these challenges, Fannie Mae announced that lenders using Desktop Underwriter® (DU®) validation service can now use the AccountChek Verification of Asset report to validate income and employment. This change is an incredibly positive development for lenders and consumers alike, as using direct deposit banking data to evaluate income and employment will help lenders streamline processes and improve the borrower experience.
By using AccountChek data in DU validation service to receive asset, income, and employment verification, lenders may be able to:
**In a survey of pilot lenders, 50% saw some level of cost savings over their existing third-party report costs. Customer results may vary.
For lenders eager to take advantage of the benefits of this program, a straightforward and user-friendly registration is required. Fannie Mae has established clear guidelines and resources to facilitate onboarding of lenders into the program.
To get started, visit Fannie Mae's website and submit the request form to begin the activation process.
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