In an effort to promote the use of FNMA’s Day 1 Certainty for Conventional FNMA loans and the proper use of our integrated verifications vendors such as The Work Number for employment/income verification and AccountChek for asset verification, the following training is being provided to you.
Day 1 Certainty is a validation service tool from Fannie Mae that enables lenders to receive Day 1 Certainty validation through DU. This gives lenders certainty on validated loan components such as employment, income and assets. It allows the underwriters to streamline the UW process when they already have validated components and freedom from representations and warranties on the loan. Below are link about D1C for your reference. We also have information on our Resource Center about D1C, and here are links to training/information from Fannie Mae on D1C:
The Work Number (TWN) Training with Equifax that was held 6/14/19 originally, can be viewed via OKTA > Learning Managment System (LMS) > Catalog tab > Search The Work Number.
Items should also be covered on the training, but we want to reiterate here regarding TWN:
- The option for “manual research” is no longer valid for D1C findings. Only an instant VOE/VOI is valid for D1C – otherwise processor should order with standard procedures
- Should only order “income validation” if using D1C – otherwise validate income using borrower provided documentation (paystubs, W2, etc.)
- Retirement income and Sched C self employment can be validated D1C using tax transcripts ordered directly through FT360. Approved vendors include DataVerify and Fraud Technology.
AccountChek Training with Form Free was held originally 11/3/21, can be viewed via OKTA > Learning Managment System (LMS) > Catalog tab > Search AccountChek.
As of October 2021 - cost for TWN is estimated (estimated based on bulk corp pricing so charges may fluxuate depending on volume companywide and is charged to the branch through the branch P&L) at:
$20 VOE order (employment only)
$26 VOI order (employment plus income)
***Charged each pull - no reduction in cost for a reverification/refresh report***
**Cost can rage up to $150 for a report when ordered on The Work Number website vs through FT360, which is why we require orders in FT360 so we can control the cost.**
As of November 2021 - cost for AccountChek is:
60 Day Refresh Period $18/unit
90 Day Refresh Period $21/unit
***Definition of a unit - a single, successfully completed Asset Reporting Service Order component of the AccountChek Services for unlimited accounts and unlimited financial institutions***
Charged to the Branch
***Subject to Change***