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Here’s how to get started with Day 1 Certainty’s suite of automated validation tools: income validation, employment validation, and asset validation.

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How DU validation service is streamlining the loan process.

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Case Study: Guild Mortgage

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Guild Mortgage specializes in purchase and refinance mortgages for residential homes. For more than half a century, Guild Mortgage has worked with a focus on people – its employees, its customers, and its partners – to provide mortgages that are tailored to circumstance. With branches throughout the United States, Guild Mortgage is using technology and customer service to meet its customers’ needs and provide affordable home financing across the country.

The Challenge

As the mortgage industry digitizes, the sudden change in routine can be daunting. Guild Mortgage had concerns about experiencing apprehension from customers and loan officers but knew its existing process had to evolve. An updated process would be not only safe and effective, but also so easy and efficient that everyone – customers, employees, and even potential employees – would be asking for it by name.

The Solution

Guild Mortgage saw the Desktop Underwriter® (DU®) validation service, a component of Day 1 Certainty®, from Fannie Mae, as an opportunity to change the customer experience for the better. When Guild Mortgage first began using asset validation through AccountChek and employment verification through The Work Number, Guild Mortgage District Manager Eric Weiss immediately saw the potential of digital verification of borrower data for the company.

The Guild Mortgage team quickly began to train new and veteran loan officers to work within the new parameters of digital verification through the DU validation service. Furthering the move toward a true digital mortgage experience, Guild Mortgage also began to accept online mortgage applications this year. While the cultural shift presented hurdles at times, Guild Mortgage cleared them with teamwork and dedication by educating their associates on the benefits of digital verification. Weiss said he’s had colleagues from around the country reach out to ask for his training materials.

We are driven by Day 1 Certainty. We have the opportunity to change the customer experience. – Eric Weiss, Guild Mortgage District Manager

Driven by Day 1 Certainty, Guild Mortgage loan officers have improved their customers’ experience through reduced touchpoints. By lowering the number of customer touchpoints from two or three to just one or two, loan processing takes significantly less time.

“Using the momentum we’ve created through Day 1 Certainty, we’ve designed a process where a loan can come in and be fully approved by underwriting in a couple of days,” said Weiss. “I don’t have issues closing loans in as little as two weeks.”

The faster loan processing times are already having a huge impact on sales at Guild Mortgage. In Eric’s District, first quarter of 2018 ended up 27% over Q1 2017. April 2018 finished up 45% over April 2017! In addition to sales, Guild Mortgage is attracting top-notch candidates and increasing retainment of happy and successful existing employees. Weiss attributes Day 1 Certainty to helping Guild Mortgage continually improve year over year.

“People are everything to us; we’re all about our people,” said Weiss. “We have a great team, and we are growing because of our process and products.”

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Case Study: Taylor Morrison Home Funding

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For more than 16 years, Taylor Morrison has trusted Taylor Morrison Home Funding to provide quality mortgage services to both their customers and their builder business. Their personalized service and a centralized fulfillment team, combined with today’s technology, allows them to connect their customers to home mortgage consultants that understand their needs and lay out options to put them into their dream homes.

The Challenge

Many Taylor Morrison customers start the mortgage process at the very beginning of the home buying and building experience. While they may have selected custom upgrades and finishing touches, it is not their home until the mortgage process is complete. The ability to customize their home is an added perk of building, but it can create risks if not for early assessment of qualification and the continual updating of a borrowers financial ability.

A builder’s lender that specializes in handling loan applications that can take up to a year to finalize while the home is being built, must understand how to handle the changeability of the information and updated documentation while ensuring that the process remains a pleasant experience for all involved.

Having the certainty that the mortgage will be ready and the buyer is assured that their financing meets their needs at the time the home is ready to close is Taylor Morrison Home Funding’s primary value proposition. Meanwhile, the initial documentation customers submit is only good for a limited time. Taylor Morrison Home Funding is challenged to verify customer information over and over again during the home building process. Factors such as a borrower’s circumstances and changing interest rates cause stress and concerns for both the buyer and the builder.

The Solution

Taylor Morrison was intrigued when it first learned about Day 1 Certainty® at the 2016 MBA Annual Conference.

When I heard about Day 1 Certainty and the possibility for digital validation, I got really excited. I thought, ‘Finally! Finally, we’re at a place where we can start the mortgage process and provide clarity without our buyer having to give the same information over and over again!’ It was definitely a win. – Tawn Kelley, President of Taylor Morrison Home Funding

Taylor Morrison Home Funding tested the Desktop Underwriter® (DU®) validation service to learn, firsthand, how well the mortgage process aligned with the home buying process. The DU validation service, a component of Day 1 Certainty, lets clients verify their asset, income, and employment documentation when the home is completed so the purchase can close on time. While delays in the home building process often occur, with the DU validation service, buyers often times don’t have to resubmit documentation if a delay pushes them past their planned closing date.

By implementing Day 1 Certainty, Taylor Morrison manages the mortgage process quickly so the builder can stay focused on completing construction of their customer’s dream home with confidence. In turn, Taylor Morrison processes the mortgages with the personalized service they have built their reputation upon – giving families assurance and certainty throughout the home buying process.

Since implementing Day 1 Certainty, Taylor Morrison has been able to reduce Application-to-Approval time by five business days.

“Our priority as a builder/lender is to give the buyer peace of mind. Day 1 Certainty is helping us do that,” says Tawn Kelley, president and CEO of Taylor Morrison Home Funding. “Implementing Day 1 Certainty was not a barrier for us. We made training our core team a priority. Once we had key folks on board and educated, implementation challenges were eliminated. Now, as we hire new people, Day 1 Certainty is just part of how we do what we do.”

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Case Study: The Mortgage Firm

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Headquartered in Altamonte Springs, Florida, The Mortgage Firm has been providing quality real estate financing for over 22 years. With a focus on building long-lasting customer relationships and a proven track record, they serve real estate professionals, builders and individual homebuyers throughout Alabama, Florida, Georgia, Michigan and Tennessee.

The Challenge

As buyers start to expect a more digital experience, The Mortgage Firm knew that they had to increase their operational efficiency in order to compete with online options – while maintaining the personal touch that continues to bring people back.

While some people in the industry are overthinking the change, we’ve made Day 1 Certainty® just part of the process. And when it’s part of the process, you don’t have to explain it in any great detail – it is what it is. We don’t oversell it, we don’t over hype it – it’s just part of our daily activities. – Todd Pierson, President of The Mortgage Firm

The Solution

The Mortgage Firm started using the Desktop Underwriter® (DU®) validation service offered through Ellie Mae’s Encompass Lending Platform™ for income, asset, and employment validation. To get loan originators on board with digital data validation quickly, they piloted the DU validation service, a component of Fannie Mae’s Day 1 Certainty, with their two highest producing loan originators. They immediately saw the value and began implementing it right away.

Other loan originators quickly began modeling their behaviors. Now, it’s just the way they do business.

If a loan originator experiences a road block, trainers are available to provide coaching to work through obstacles and answer questions around the process. With digital data validation, they are able to eliminate at least a third touchpoint – not to mention any human error.

And they are seeing results. Since implementing Day 1 Certainty, they have cut as much as 11.9 days off their application to close time. This results in not only time savings, but ultimately cost savings as well.

The DU validation service also gives smaller companies like The Mortgage Firm the opportunity to compete with the larger online companies. Day 1 Certainty provides the tools that larger companies have, but still allows loan originators to keep that personal touch, effectively combining technology with trusted consultation.