CISCO News Update: Day One Certainty
Day One Certainty is a Fannie Mae initiative that streamlines loan processing and offers Lender Representations and Warranties against buybacks. It took effect December 10, 2016.
Lenders receive certainty regarding income, assets, and employment information that has been validated by Desktop Underwriting. With validation, lenders will receive freedom from representations and warranties with regard to the accuracy of income and/or asset calculation, borrower employment status, and the integrity of the data from the vendor. As long as the lender meets all DU validations service requirements and complies.
CISCO Credit is supporting Fannie Mae’s Day One Certainty™ by offering Equifax the Work Number Verification services for verification of employment and income services and Verification of Deposits and Assets with AccountChek™
These services support Fannie Mae’s DU Validation Services with Day 1 Certainty. Our Lenders can activate both of these services from within our platform
Equifax Verification Services delivers results within seconds, leveraging The Work Number® containing employment records from over 5,500 employers nationwide. This verification provides basic information about an employees’ job directly from the employer. Their employer, their title, employment status (active, inactive) and the length of time with the employer as well as income.
AccountChek™ is the industry leader in safe and secure automated verifications of assets and deposits. Trusted by major Lenders, Investors and Financial Institutions. AccountChek™ reports are accessed with a unique 7-digit code. No personal information is transmitted, and sensitive information is kept in an encrypted cyber vault at all times.
- Bank-Level Security
- GSE and Investor Acceptance
- Direct from Source Data
- Eliminates Fraud
- Reduces need for bank statements
- Reduces time for both lender and borrower
CISCO Credit is pleased to partner with these institutions to provide top quality service and products to our customers.