All of them... even when we sign everything by hand, it is all converted or scanned back into a digital image and digital loan package... So when it comes to digital mortgage applications, why again, are you printing all of your highly personal information?
"If all of my personal information is online and in digital format/storage, why is my lender requiring me to convert it all to paper, to manually input the information back into digital format? The reason is that this requires "change" in behavior. The standard answer is: "Well, that's just how we do it.". Times have changed and everything that has to do with numbers and income and bank statements and credit is "available" or possible in digital format.
Very simply, we offer and use 3rd Party Reports for the BIG 3: CREDIT, INCOME & ASSETS. We call it the CIA. If we utilize these reports (at no cost to you) we quite possibly will receive an approval from Fannie Mae for the acceptance and approval of the income and assets WITHOUT the requirement of a human underwriter. This is like walking through the metal detector at the airport fully clothed and if an alarm does not sound, no further action is needed. How cool is that?
Everyone is familiar with a Credit Report and its scoring as well as the explanation page section (which can be completed, if needed, online and you simply eSign and date it OR print it out and sign and date it by hand and return via upload, fax or email. Any choice is totally up to you.
We utilize TheWorkNumber for income and employment verification. Unlike TheWorkNumber verifications most lenders have used in the past, we order and obtain a report, when possible, that can be "read" by the underwriting computer, Fannie Mae's Desktop Originator or DO®. IF DO®, reads the report and approves the information, not further documentation may be required. In the case of commissioned or Schedule C Self-employed, we may utilize a report from the tax transcripts, a transcript of your personal income tax filings. The beauty of this is that 4 out of 5 borrowers will fit in this category and may alleviate the need to download, print, email and fax the documentation to simply be entered by hand and scrutinized. We believe in working smarter with the tools we have to make your experience easier and process faster.
AccountChek is an independent third-party service used by lenders to collect, in digital form, borrowers' financial account data. This is an optional OPT IN 3rd party service that allows you to Submit your financial data to lenders through the online AccountChek service is significantly more secure than the emailing, faxing, or mailing copies of these sensitive financial documents. The service is easy to use, reports are available within seconds to us, and it's accessible around the clock. Because the data is never touched by human hands or us, the risk of transposing and other errors is eliminated.
This helps decrease the time it takes to process and close the loan, which helps to reduce the costs to us and that helps make loans more available and affordable to you. Furthermore, we can upload the report to Fannie Mae directly for approval and quite possibly avoid the need for a human underwriter reviewing the information, deposits, payments and transfers by hand. If you have not experienced "explanation" issues when applying for a mortgage, chances are you know someone who has. This simply may remove some the of the human element to numbers. We know how to operate and upload this information and it allows you to keep your information private (no statements reviewed). It is VERY COOL and the way of the future.