Fannie Mae’s EarlyCheck™ improves the quality of the loan data by providing access to delivery edits and other information that needs to be reviewed before the loan is delivered.
Shedding light on potential problems early allows lenders to address the issue more effectively. EarlyCheck provides access to Fannie Mae delivery edits at any step in the loan process. While EarlyCheck is optional, Fannie Mae recommends it to improve process efficiency and reduce delays in funding.
Participate in the redesigned Form 1003 Open Production Period
Effective Jan. 1, 2021, EarlyCheck is accepting redesigned Uniform Residential Loan Application (URLA)/Form 1003 and Desktop Underwriter (DU) Specification MISMO v3.4 loan application submission files from all lenders. For more information, please refer to the URLA webpage.
- Helps identify potential data issues early in the lender’s business process, so they can be remedied more effectively – includes comparisons of data submitted to EarlyCheck against data submitted in Desktop Underwriter® (DU®) and Uniform Collateral Data Portal® (UCDP®)
- Access to Collateral Underwriter® (CU®) risk score, flags, and messages, providing lenders with a more holistic view of the loan
- Seamless integration capabilities offer real-time feedback
- Identify and correct issues prior to loan closing/sale for greater certainty about whether a loan can be delivered to Fannie Mae
- Fewer delivery stops and corresponding financial/operational impacts
- Less manual error resolution during delivery process and post-purchase
- Feedback helps lenders to continually enhance quality control processes
Options to access EarlyCheck to evaluate pre-closing loans and loans in the post-closing through pre-delivery stage:
- Direct Integration with a lender’s loan origination system (LOS) and/or delivery/secondary system: This option is a DU-like integration solution (i.e., it takes a loan origination file or loan delivery file as input and returns viewable results and/or a result data file).
- Web-based user interface: This option enables a user to import a loan origination file or loan delivery file, run the edits, and view the results.
Fannie Mae’s EarlyCheck tool provides lenders the opportunity to resolve delivery edits earlier in the process because the EarlyCheck application mirrors Loan Delivery edits. This results in fewer post-delivery issues.