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Fannie Mae Expands List of Verification Report Vendors

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Fannie Mae has expanded the list of third-party vendors approved to validate borrower income, employment and assets as part of the Desktop Underwriter validation service.

Currently, the DU validation service, a component of Fannie’s Day 1 Certainty representation-and-warranty relief program, only allows for three types of reports: employment and income verification from The Work Number, 4506-T tax transcripts from Equifax and asset reports from FormFree. To qualify, vendors must provide these reports.

Altogether, Fannie lists 30 vendors that lenders can use to receive one or more of these reports. As of Jan. 12, they include ACRAnet, Advantage Credit, Advantage Credit Bureau, Advantage Plus Credit Reporting, American Reporting Co., Avantus, Birchwood Credit Services, Certified Credit Reporting, UPF Services/Chronos Solutions, CIC Mortgage Credit, CISCO Credit, Clear Choice Credit Corp., Consolidated Information Services, CoreLogic, Credit Information Services, Credit Interlink, Credit Plus, Credit Technologies, Equifax (Tax Transcripts), Equifax (The Work Number), Floify, FormFree, Merchants Credit Bureau, Meridian Link, Midwest Mortgage Credit Services, Partners Credit, Settlement One, Sharper Lending, Universal Credit Services and Veri-Tax.

The government-sponsored enterprise also named 16 vendors that it expects to add to the pool of report suppliers for specific reports.

“Fannie Mae plans to expand the pool of eligible verification reports,” Fannie said. “As prospective report suppliers are approved, we will announce their eligibility for the DU validation service.”

These vendors, who are in the process of gaining approval to provide one or more of the verification reports and some of whom already have approval to provide certain verifications, include Avantus/Credit Systems Design, Blend, CoreLogic, DataVerify, Early Warning Services, Finicity, FinLocker, First American/Interthinx, Informative Research, MeridianLink, NCS, Plaid, PointServ, Roostify, SharperLending and Yodlee.

Fannie Mae also noted that it “will add more eligible reports in 2017,” expanding beyond the limited list in place currently.

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