FANNIE MAE FORECLOSURES RECENT VERIFICATION
Banking data is highly confidential, and automated asset verification tools are the safest and most secure option, as the data is pulled straight from the source. Lenders should note that they may not request bank statements directly the only way to obtain these bank statements is through a Fannie-approved vendor. If this is the case, the loan will be deemed eligible for sale to Fannie Mae. Once this access is granted, the report is automatically sent to Fannie Mae’s system, where it is assessed whether rental history exists and is consistent with the payment amounts listed on the initial application. Using this tool, borrowers can quickly give permission to access 12 months of rental payment data with the click of a button. Once this access is granted, the lender can then order an asset report from a Fannie-approved vendor, such as the Verification of Asset Report, available through UniversalCIS. If this is indeed the case, Fannie Mae will notify the lender, and the lender may ask the borrower for permission to view their bank statements. If the system concludes the loan is not eligible for sale to Fannie Mae and that the borrower is a first-time homebuyer, it will then evaluate whether a 12-month history of on-time rent-payments would impact the decision. Here’s how it works: Lenders will submit the mortgage application through Fannie Mae’s Desktop Underwriter in the same manner they do now. However, on September 18 th, Fannie Mae will take significant steps to change that, when it begins considering 12 months of positive rent payments in its Desktop Underwriter program.Īccording to Fannie Mae, the impact of this program could be dramatic, noting that 17% of homebuyers previously denied financing would have been approved, had the program been in place. Because landlords do not report rent payments to the bureaus, many historically disadvantaged populations have had difficulty obtaining the American dream of homeownership. Fannie Mae’s recent decision to utilize rent payment history in mortgage underwriting will help expand the credit-profiles of millions of first-time homebuyers.
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