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Still Plenty of Room for Improvement in the Digital Mortgage Process

Brent Chandler by Brent Chandler on June 11, 2019

At the beginning of the year the Federal Housing Administration released a mortgagee letter approving the use of third-party providers for verification of borrowers’ asset, income and employment information (further clarified in the administration’s updates to Handbook 4000.1). It’s been a welcome move for issuers of government-backed loans, if a bit Johnny-come-lately (Fannie Mae, Freddie Mac, and the U.S. Department of Veterans Affairs all began accepting third-party verifications in 2017 or earlier).