Plaid launches pilot with Fannie Mae to automate asset verification in the mortgage process
SAN FRANCISCO, Oct. 23, 2017 /PRNewswire/ -- Today, Plaid announced the launch of a pilot with Fannie Mae to automate the asset verification step of the mortgage lending process. By working with Fannie Mae's Desktop Underwriter® (DU®) validation service, Plaid will offer a faster, simpler, and more reliable way for mortgage lenders to verify borrowers' assets.
With this integration, Plaid makes it possible for Fannie Mae's lenders to connect with borrower bank accounts directly and in real-time. This approach replaces the need to manually collect and review documents for key parts of the mortgage process and also protects lenders from related buyback risk through Fannie Mae's Day 1 Certainty(TM) program.
"Automated asset verification is a big step forward for what's historically been a paper-based industry. We're excited to help simplify and streamline the mortgage application process," said Zach Perret, CEO & Co-founder at Plaid. "Plaid is focused on enabling innovation and simplifying the customer experience in financial services, and working with Fannie Mae on their Day 1 Certainty initiative is a great example of that."
Since its founding in 2012, Plaid has set out to enable innovation throughout financial services. Plaid's technology infrastructure allows innovators to create new products and applications that connect consumers' bank accounts with the financial applications they use to better their financial lives.
Plaid announces the launch of this pilot with Fannie Mae at the Mortgage Bankers Association Annual Conference October 22-25 in Denver, CO.
About Plaid:
www.plaid.com
Plaid is a technology platform that enables applications to connect with users' bank accounts. We focus on lowering the barriers to entry in financial services by making it easier and safer to use financial data. We build beautiful consumer experiences, user-friendly infrastructure, and intelligence tools that give everyone the ability to develop the future of financial services.
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SOURCE Plaid
