Unless you have been living under a rock for the last 12 months
(a TRID rock, perhaps?), you
have most likely heard of
Quicken Loans and their
revolutionary “Rocket Mort-
gage” program. In short, the
Rocket Mortgage allows borrowers to apply for
a mortgage using a mobile app and essentially
pre-process their loan through the use of API’s
and third-party validation tools. Why is this so
revolutionary? It gives the borrower far more
control over their loan process, putting them in
the driver’s seat. With instant income, employ-
ment, and asset validations, the borrower would
not have to provide their loan officers with
mounds of paperwork in order to get the loan
to the next step of the manufacturing process,
which would dramatically reduce turn times. In
an industry where one day could be the differ-
ence, it is easy to see how this program is turn-
ing heads.
In an effort to compete with this program
and answer a very real need in streamlining the
borrower experience, Fannie Mae introduced
their Day 1 Certainty program last summer.
By Leora Ruzin
Uncertainty
with Fannie
Mae’s Day One
Certainty?
On the surface, this
program seems like a
no-brainer, but it is most
definitely not without
some glaring flaws and
potential for massive
human error.
