Experian becomes authorized report supplier of income and employment verification through Fannie Mae’s Desktop Underwriter (DU) validation service

Rhea-AI Summary

Experian has become an authorized report supplier for Fannie Mae's Desktop Underwriter validation service, enhancing its income and employment verification offerings. This partnership supports Day 1 Certainty from Fannie Mae, allowing lenders to quickly validate borrower income and employment, streamlining the mortgage process. Through Experian Verify, lenders can access millions of verified records, reducing underwriting time and costs. The integration aims to improve the homebuying experience, benefiting both lenders and consumers.

Positive

• Authorized report supplier for Fannie Mae's Desktop Underwriter validation service.
• Supports Day 1 Certainty, enhancing verification efficiency.
• Access to millions of verified income and employment records through Experian Verify.
• Reduces time and costs associated with mortgage underwriting.

Negative

• None.

Recognition allows mortgage lenders to validate borrower income and employment information instantly through Experian Verify with Day 1 Certainty from Fannie Mae

COSTA MESA, Calif.--(BUSINESS WIRE)-- Experian ^® today announced it is now an authorized report supplier of income and employment verification through Fannie Mae’s Desktop Underwriter ^® (DU ^®) validation service. This achievement makes Experian one of only a handful of verified income and employment report providers to support Day 1 Certainty ^® from Fannie Mae, which provides freedom from representations and warranties on validated loan components, including borrower income and employment status.

Through the integration with Fannie Mae’s DU validation service, Experian is providing lenders with new solutions for their verification needs while simplifying the mortgage experience for consumers.

“We’re committed to unlocking the modern mortgage through data and analytics, while empowering consumers and providing our clients with the best insights to help manage risk and make confident lending decisions in real time,” said Michele Bodda, President of Experian Mortgage, Verification Solutions and Employer Services. “Collaboration with industry leaders like Fannie Mae will help us improve the homebuying experience for more consumers while enabling lenders to quickly and easily verify a borrower’s income and employment.”

Fannie Mae’s DU validation service allows mortgage lenders to instantly access tens of millions of verified and active income and employment records from Experian’s growing network of exclusive payroll records through Experian Verify™ to seamlessly accomplish income and employment verification needs. Experian Verify eliminates the need for manual document verification and can help reduce the time and cost associated with mortgage underwriting.

“Collaborating with technology service providers like Experian can help make the digitization of mortgages a reality,” said Jennifer Parker, Director, Strategic Alliances, Fannie Mae. “We are pleased to integrate Experian Verify into the DU validation service for lenders to quickly and easily complete their income and employment verification needs.”

Experian Verify launched in the spring of 2021 and has already become a valuable solution in helping lenders across industries accomplish their verification needs.

Becoming an authorized report supplier for Fannie Mae’s DU validation service is Experian’s latest step to provide lenders with flexible options for their income and employment verification requirements. Lenders interested in Experian Verify can integrate directly with Experian or gain access through one of Experian’s many integrations with industry-leading loan origination software platforms.

To learn more about Experian’s Verification Solutions business and solutions, please visit www.experian.com/verify-mortgage or https://singlefamily.fanniemae.com/applications-technology/desktop-underwriter-validation-service/du-validation-service-verification-report-vendors.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian. Other product or company names mentioned herein are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005358/en/

Amanda Garofalo

Experian Public Relations

1 714 460 3739

amanda.garofalo@experian.com

Source: Experian

FAQ

What recent partnership did Experian announce regarding income verification?

Experian announced its partnership with Fannie Mae to become an authorized report supplier for income and employment verification.

How does Experian Verify impact the mortgage underwriting process?

Experian Verify simplifies the process by providing instant access to verified income and employment records, reducing both time and costs.

What is the significance of Day 1 Certainty in this partnership?

Day 1 Certainty allows lenders to be free from representations and warranties on validated loan components, enhancing the verification process.

When was Experian Verify launched?

Experian Verify was launched in the spring of 2021.

How can lenders access Experian's verification solutions?

Lenders can integrate directly with Experian or through various loan origination software platforms.