Truework harnesses the power of Day 1 Certainty, integrates with Fannie Mae Desktop Underwriter validation service
Truework is now an authorized report supplier for Fannie Mae’s Desktop Underwriter® (DU®) validation service, a component of Day 1 Certainty®. Mortgage lenders can now use Truework for automated income and employment verification reports through Fannie Mae’s DU validation service.
Our instant network of over 35 million employees expands the pool of borrowers whose records may now be eligible for Day 1 Certainty when mortgage lenders use Truework to validate employment and income at the loan level.
In addition to our instant data network, we are the very first verification partner to be authorized by Fannie Mae for verifying income and employment data from other third-party instant verification providers. By introducing additional automation into the Truework verification process, we enable lenders to receive Day 1 Certainty from Fannie Mae when income and employment data is validated at the loan level with the DU validation service, even when that employee data originates from another verification provider.
Receiving approval as one of the first authorized income and employment report suppliers for Fannie Mae’s DU validation service solidifies our commitment to better serve the mortgage industry and help consumers across the country close home loans faster,” said Truework CEO Ryan Sandler. “Day 1 Certainty is incredibly important to customers and we’re excited to see the impact this new offering will have on lenders and borrowers alike.
What is the DU Validation Service and Day 1 Certainty?
Fannie Mae’s DU validation service equips lenders with a way to improve their borrower’s experience by reducing paperwork and can help lenders process loans faster. By using Truework and the DU validation service, lenders can receive freedom from reps & warrants on income and employment validated in DU.
Additionally, data shows that lenders can reduce cycle time up to 12 days* when employment and income are validated at the loan level through Fannie Mae’s DU validation service.
As the needs of borrowers and those who serve them evolve, Fannie Mae remains committed to investing in and delivering value through the products and services it offers,” said Chuck Walker, Vice President Digital Alliances and Distribution at Fannie Mae. “By adding more options to automate the verification of income and employment through the Desktop Underwriter validation service, we’re enabling a faster, more efficient loan origination process that creates a better experience for borrowers.
We’re adding thousands of new records to our instant data network every month. This means Truework will continuously grow the pool of borrowers eligible for Day 1 Certainty, so you can improve your borrower experience and close loans faster.
All reports that are eligible for Day 1 Certainty will now have a DU Reference number in the top right corner of each report.
Over 35 million employee records may now be eligible for Day 1 Certainty through Truework. Start a verification today or sign up for a demo below to bring Truework + Day 1 Certainty to your whole team.
*Note: Many lenders realizing best-in-class savings had extended cycle times when not using the DU validation service, typically about 40-45 days from App-to-Close.
Grow your business with Truework
Join the group of 17,000 organizations that use Truework to increase applicant conversion with faster income and employment verifications.