3/30/2023 0 Comments Day one meaning![]() “Common loan prequalification setbacks regarding income are when some of your income is not from W2 salary. “It helps to remember that the three legs of the qualifying stool are income, assets, and credit,” Casey Fleming, author of The Loan Guide: How to Get the Best Possible Mortgage, says. And the borrower with faster processing and documentation of their file,” Piepho says.Ĭompare this to what many see to be a “typical” borrowing experience. Both of these processes will help the lender in the future with post-closing quality control. “Additionally, the appraisal process, with Fannie Mae, is looking at appraisal data validation upfront. This makes the process more seamless for the borrower. If a borrower’s information validates against third-party vendors, no further validation or information is required. What can Day 1 Certainty do for the borrower? The opportunity to apply more advanced analytics to loan prequalification.Īre you ready to get into your new home, like yesterday? Click here to prequalify for a mortgage.The ability to make key quality control processes more transparent.The potential to leverage borrower and property data.This verification reflects Fannie Mae’s purpose in providing Day 1 Certainty to the borrower. This process includes receiving accurate information from the borrower upfront at loan application to enter into an analytic data engine. “Right now, we’re working with the approved third-party vendors from Fannie Mae to validate our borrower’s income, employment, and assets up front through Fannie Mae’s automated decisioning engine,” Julie Piepho, Head of Operations at Cornerstone Home Lending, NMLS ID: 207274, 1177 West Loop South, Ste. And while it’s a big help to the average homebuyer, Day 1 Certainty is still a term many industry professionals seem unfamiliar with. In response to this market demand from lenders, Fannie Mae (also known as The Federal National Mortgage Association) announced in November 2016 that they would allow lender partners to offer Day 1 Certainty to their borrowers. Is there way to speed up the process and make it easier on the borrower, not to mention the lender? For years, lenders and other industry professionals have been asking for help. ![]() Traditional home loan processes are paper-based and known for slowing things down. Not just a pipe dream, that’s exactly what Fannie Mae is offering to borrowers by allowing lenders to utilize Day 1 Certainty. ![]() If there was a chance to give buyers more efficient origination, processing, and closing of their home loans, most lenders and realtors would take it in a heartbeat. ![]()
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