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9 November 2024 M T E C H November 2024 ยป MORTGAGE LENDERS UTILIZE FANNIE MAE'S 10- DAY PRE-CLOSE VOE REQUIREMENTS VIA ACCOUNTCHEK A ccountChek now supports new features to Fannie Mae's Desktop Underwriter (DU) validation service that streamline the digital pre-close verification of employ- ment (VOE), greatly increase overall efficiency, and improve the borrower experience, according to Informative Research. According to Fannie Mae's Selling Guide, lenders must finish a 10-day employment verification before closing. Lenders who use the DU validation ser- vice can now use an AccountChek depos- it-based VOE report (DVOE) to satisfy this requirement as of September 20, 2024. In order to provide a more targeted and effective verification procedure, the report shows deposit transactions while leaving out other bank data activities. Loan case files where employment was first verified with an AccountChek asset verification report (VOA) are eligible for approval. "We've witnessed the significant impact of utilizing AccountChek's asset verification for upfront processes. With Fannie Mae's latest updates allowing lenders to extend this streamlined ap- proach to pre-close employment verifi- cation, we anticipate even greater opera- tional efficiencies and cost savings," said Brian Francis, Head of AccountChek at Informative Research. "This update not only enables the use of AccountChek DVOE report, but by removing the DTI limit, it also expands the scope of loan casefiles eligible for asset-based income and employment validation, as well as providing findings to the lender regard- less of the DU recommendation. These changes expand lenders' ability to use a single AccountChek order to verify income and employment on a loan." A single AccountChek order filled out by the borrower can be used by lenders to create a DVOE report for the 10-day pre-close verification as well as a VOA report for asset, income, and employment verification. Despite being different, the procedure is made simpler because both reports are produced from a single AccountChek order. "This collaboration provides a new way for lenders to digitally verify employment when using Desktop Underwriter," said Peter Skarnulis, Fan- nie Mae's VP of Single-Family Digital Management Solutions, "and is part of our continued focus on delivering value through the products and services that we offer." DIGITAL RECAPTURE HELPS LOANCARE GROW, OPENING THE DOOR FOR LENDER SUCCESS T o keep their lending partners in the forefront of their minds, LoanCare has introduced