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Single Source Validation Available Through UWM Via Fannie Mae Pilot Program

NationalMortgageProfessional.com
Oct 24, 2017
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Mortgage brokers doing business with United Wholesale Mortgage (UWM) will be among the first in the nation with access to a more streamlined origination process, as they can validate income, assets and employment using bank account data from only one asset report. The improved capabilities stem from UWM’s participation in Fannie Mae’s pilot offering of Single Source Validation, a program that Fannie Mae has introduced as an enhancement to its Desktop Underwriter (DU) validation service.
 
“Pushing the broker channel forward through innovative technology and enhanced services is what we’re all about, so Single Source Validation is a big win for our clients,” said Mat Ishbia, President and Chief Executive Officer of UWM. “Fannie Mae does a great job looking for ways to make the loan process better for borrowers. The pilot has seen positive learnings already in the early stages of testing, with borrowers and brokers both seeing an improvement in the speed and ease of closings.”
 
UWM’s broker clients will be able to enjoy these key benefits through the Single Source Validation capabilities:
 
Combining three steps into one: Gathering bank account data from the borrower can eliminate the need for gathering paystubs, W2's, other income or employment documents, and bank statements
Faster turn times: Single source of data makes the underwriting process even smoother, as there is less documentation to review
Improved borrower experience: The process is easier for borrowers, as brokers don’t need to ask their borrowers for information as many times.

 
 
Published
Oct 24, 2017
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