Fannie Mae has given mortgage servicers the green light to use third-party digital vendors to verify income and asset information. Unsurprisingly, mortgage tech firms are thrilled.
In a June 9 note, the government-sponsored entity told mortgage servicers they could implement the changes immediately. Servicers can use a third-party vendor to verify the information that the borrower provided in their mortgage assistance application.
Fannie Mae also noted that servicers will be responsible for the “security, accuracy, and integrity of the information obtained from the third-party verification vendor.” Servicers must also obtain legal authorization to use a third-party vendor, and details ⇒
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