The Federal National Mortgage Association is changing its policy on the utilization of third parties to verify assets.
Sellers of loans to Fannie Mae currently have two ways that deposits can be verified. The same goes for asset accounts.
An obstacle, however, has been that the Washington-based government-controlled enterprise hasn’t allowed verifications to be done by third-party vendors.
So Fannie is changing its policies, according to Selling Guide Announcement SEL-2014-12.
The secondary lender said its policy has been updated to accept automated verifications from third-party vendors for both assets and deposits.
According to Fannie, the third-party policy is similar to that provided in the income and employment section of its selling guide.
The update is immediately effective.