Day 1 Certainty
What if your choice of lender could not only save you money, but something else equally as important?
Time.
By leveraging Day 1 Certainty, Highland Mortgage is doing just that. But what exactly is Day 1 Certainty?
Traditional home loan processes are paper-based, time-consuming, and inefficient. In fact, Freddie Mac reported that the average loan cycle for a given transaction is over 42 days for a purchase and even longer for a refinance. Day 1 Certainty provides borrowers and lenders a secure method to digitize and expedite the loan cycle across the metrics of income, employment, assets, and even collateral valuation.
At the root of Day 1 Certainty are electronic verifications designed to reduce or remove manual processes. Rest assured, all vendors who provide such verifications must be approved by Fannie Mae and Freddie Mac. Security and validity are paramount.
Specifically, Day 1 offers:
· The potential to leverage borrower and property data at first conversation, hence the name “Day 1.”
· The ability to make key quality control processes more transparent.
· The opportunity to apply more advanced analytics to loan prequalification.
· The potential to remove tedious processes that elongate the loan cycle.
What can Day 1 Certainty do for you, the borrower?
If your income, employment, and asset information are validated against approved third-party vendors, no further validation or documentation is required. This provides a seamless, simple process for our clients.
Mark Milam, President of Highland Mortgage explains “we began tracking the use of Day 1 Certainty early in our first year. We built integrated real-time dashboards to document and communicate the efficiencies of D1C and even went so far as to demonstrate the efficiencies to Fannie Mae.
The improvements we reported were impressive and substantial, underscoring Fannie’s commitment to changing our industry. Our typical life of loan for a traditional file averaged 16.9 business days, not bad and well ahead of industry norms. However, with D1C, we improved that metric by an additional 4 business days. Equally as important, our clients appreciated the simple, intuitive process that struck items off their ‘to-do’ list.
In a competitive market where every moment matters, Day 1 Certainty allows us to leverage a stronger offer for our clients and referral partners. Above and beyond the execution of traditional lender functions, we can now help them win more deals.”