Fannie Mae has announced new capabilities in its automated underwriting system to further streamline the mortgage origination process for lenders and homebuyers, enabling improved loan quality control, faster cycle times and potential cost savings. Effective March 29, 2024, Fannie Mae single-family lenders can use a single 12-month asset verification report in the Desktop Underwriter validation service to identify recurring deposits in the applicant’s digital bank statement data to automatically validate income and employment, as well as assets, in one step. The same report also can be used to identify and consider the applicant’s positive rent payment and cash flow history, which may benefit more qualified borrowers who have limited or no credit history.
Geneva Financial has announced a strategic expansion of its team through the addition of “a sizable group” of loan officers and branch managers, previously with USA Mortgage, out of the St. Louis area and surrounding markets.
Sagent has announced a new seven-year partnership with CMG Financial to power its enterprise and homeowner experience.
