Fannie Mae (OTCQB:FNMA) announced new capabilities for its Desktop Underwriter (DU) system.
Effective March 29, Fannie Mae single-family lenders can use a single 12-month asset verification report in the DU validation service to identify recurring deposits in the applicant’s digital bank statement data. This will enable lenders to automatically validate income, employment and assets in one step while identifying the applicant’s positive rent payment and cash flow history, which may benefit more qualified borrowers who have limited or no credit history.
“Fannie Mae is continually focused on modernizing the mortgage finance experience and exploring new ways to help our lenders open more doors for aspiring homeowners in a responsible and sustainable way,” said Cyndi Danko, Fannie Mae senior vice president and single-family chief credit officer. “With this new update in Desktop Underwriter, we are removing a hurdle from the loan application process and bringing greater speed, simplicity, and certainty to both lenders and borrowers.”
