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How Fannie Mae is Changing the Mortgage Industry with Tech

Since the housing crisis of 2008, Fannie Mae has faced significant challenges. The cost of mortgage origination has more than doubled, leaving Fannie Mae looking at ways to slash expenses. At the same time, more stringent requirements have left lenders with more hoops to jump through before approving a mortgage. New technical investments could solve both of these issues-here are the latest developments.

Day One Certainty Initiative

During the 2017 Mortgage Bankers Association Convention and Expo held in Denver, Colorado, Fannie Mae unveiled its new “Day One Certainty” initiative. Designed to streamline the loan approval process, Day One Certainty makes it possible for lenders to quickly validate an applicant’s income and employment information.

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How the Mortgage Industry Has Changed Over the Years

The mortgage industry has seen its fair share of major changes since the Great Inflation that occurred back in the 1970s. In fact, that era essentially shaped the way our current mortgage system works. Though some of these changes have been a bit difficult, others have benefitted those who buy and sell homes or properties tremendously.

Before the Great Inflation

Before the Great Inflation that took hold in 1976, more than half of all of the mortgages in the country were originated by savings and loans. Mutual banks, commercial banks, and actual mortgage companies combined were responsible for the rest of the origination. There was no securitization, and the Federal Housing Administration only barely existed – it made for very little of the market. In these days, the success of the savings and loans depended heavily on interest rates. As long as they were stable, they could borrow deposits and lend in the form of mortgages, creating a solid business with steady income.

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