CoreLogic announced today that it has fully integrated its 4506-T income verification product with Fannie Mae’s Desktop Underwriter® (DU®) platform to provide income calculation and asset verification while lowering the risk of potential borrower fraud through altered bank statements.
Mortgage lenders will be able to access these verification products starting August 1 as part of the DU validation service which will offer streamlined loan processing, dynamic underwriting, and fraud risk so lenders have lower fraud risk when data is gathered from the source.
Also on day one, lenders will get a freedom from representations and warranties which gives lenders freedom from representations and warranties for validated loan components plus greater speed and simplicity, and enables an improved borrower experience.
Eric Connors, executive, Mortgage and Credit Analytics for CoreLogic said;
“We are extremely pleased to be participating in Fannie Mae’s DU verification service. It represents the new standard for excellence, speeding up the workflow process and providing borrower convenience and lender reassurance. Given our position as a market leader in providing income verification products, we embrace the opportunity to continue to lead the market in turn times and quality control.”