Frequently asked questions about EarlyCheck.
FAQs updated May 26, 2020
What is the purpose of EarlyCheck™ and how would a lender use it?
EarlyCheck was created in response to customer feedback regarding the need for assistance in identifying and correcting potential eligibility and/or data issues as early in the lender’s business process as possible. The goal is to help lenders identify potential problems prior to loan delivery. Lenders may access the service at any point in their processes. The service is available for loans underwritten using Desktop Underwriter® (DU®), manually underwritten, and underwritten through a non-DU automated underwriting system (AUS).
How can I access EarlyCheck?
To evaluate loans prior to closing or in the post-closing/secondary marketing stage, there are two access options:
- a web-based user interface; and
- a seamless interface that can be directly integrated with a lender’s loan origination system (LOS) and/or delivery/secondary systems.
Visit Fanniemae.com for the current Master Vendor List of technology solution providers integrated with EarlyCheck. If your provider is not listed, contact them directly.
What input file formats does EarlyCheck accept?
Currently, EarlyCheck accepts the following formats:
- Origination Files
- 1003 file
- MISMO AUS 2.3.1 ,
- MISMO AUS 3.4 (as of January 1, 2021)
- Delivery File (ULDD)
- MISMO 3.0
- Origination Files
Can I include multiple loans in one import file?
Yes. If you are importing a loan delivery XML file your file may contain more than one loan. Such a submission is considered a “batch” loan file submission. Batch loan files are limited in size to the lesser of 10,000 loans or 3MB.
What delivery edits are included?
EarlyCheck contains hundreds of delivery edits, including edits for SSN, occupancy, address and unit number and appraisal data; output of the standardized property address; calculation of key delivery fields (LTV, CLTV, DTI, monthly debt expense, monthly income); and edits for DTI limits, loan limits, required fields, and other basic eligibility and data integrity. For conventional DU loans, EarlyCheck also includes a series of DU Compare edits, comparing loan data submitted to EarlyCheck with the data used in the most recent DU submission. Edits for the loan delivery XML file format also include special feature code (SFC) edits.
What delivery edits are not included?
EarlyCheck does not include product eligibility edits (loan terms, mortgage insurance coverage, etc.), customer contract and commitment pricing edits, and pooling rules.
Am I required to use EarlyCheck?
No, lenders are not required to use EarlyCheck. However, Fannie Mae’s EarlyCheck™ service assists lenders in identifying and correcting potential eligibility and/or data issues as early as possible in a lender’s business process.
Is there a fee associated with using EarlyCheck?
No, there is no usage fee associated with the edits that are currently available.
Where in the loan process should it be used?
Depending on the file type used, EarlyCheck can be used at any point in the loan process. Potential process points to consider include underwriting, pre-closing, prior to funding correspondent loans, and as part of the post-closing/secondary marketing process.
What results are provided?
Real-time results are available in a user-friendly report or data file. Loan-level results contain messages that highlight issues that need to be resolved (i.e., failed edits), the corresponding delivery severities and key result data (including key calculated values and the standardized subject property address). For DU loans, the results also show a comparison of the submitted loan data with the data used in the most recent DU submission.
EarlyCheck returns summary results for all loan delivery XML file submissions. The user is provided the ability to view loan-level detail.
What are the various edit severities found in the EarlyCheck results report?
Each edit displayed within EarlyCheck will include one of the following severities:
- Fatal: describes edits that must be resolved, and that will prevent successful loan submission for delivery.
- Warning-to-Fatal: describes edits that are currently Warning in the Loan Delivery application but will soon be made Fatal. These edits should be corrected prior to submission for delivery.
- Warning: describes edits that should be corrected prior to submission at delivery, but will not prevent loan submission for delivery.
- Informational: describes edits that are currently inactive (in Loan Delivery) but are planned to become active with a severity of Warning in the near future.
- Observational: describes edits that provide information that may help lenders prepare the loan for delivery.
Are the edits included in EarlyCheck also included in DU?
Yes, to the extent possible. For example, DU provides lenders with the SSN and address/unit number edits performed at delivery, but does not include the DU Compare edits and certain data integrity checks that do not apply to DU.
Can users specify which edits to run?
No, the service runs all possible edits based on the data provided.
How do I register for EarlyCheck? Can I use my existing user ID and password?
EarlyCheck is available to approved Fannie Mae sellers. Registration for EarlyCheck is completed via the Technology Manager application. Learn how to add new users and manage access here.