Day 1 Certainty™ Makes It Easier for Hawaii Residents to Get a Loan

Honolulu, HI, January 3, 2017 (Newswire.com) - Compass Home Loans is excited to announce that due to a new initiative from Fannie Mae, many Hawaii home buyers will be able to get a home loan faster and with less steps in the process.

“Essentially the new initiative greatly minimizes and in some instances eliminates the need for a borrower to provide any income and asset documentation during the mortgage origination process,” said Jon Whittington, President of Compass Home Loans. “Everything will be done digitally as part of an automatic underwriting (AUS) process, including electronic verification of employment, income, assets, and even home appraisal.”

As part of Day 1 Certainty™, Compass is now able to offer income, assets, and employment validation services through a leading mortgage underwriting system, Desktop Underwriter® (DU®). This will provide freedom from representations and warranties on appraised values through Collateral Underwriter® and enhanced waivers of property inspection requirements on refinances. Together, these innovations deliver greater speed, simplicity, and certainty to lenders and borrowers.

“This new approach allows for a completely transparent transaction that is less invasive to the borrower,” said Andrew Kim, EVP, Production Manager for Compass Home Loans. “The Loan Officer is still at the center of the transaction and works with the home buyer to ensure a seamless process from appraisal to purchase. But the paperwork and lengthy verification process is removed, making the process more efficient for us and more enjoyable for the customer.”

Change is coming but it won’t happen overnight. “We’re going to be experiencing a gradual roll-out of these new digital tools in the Hawaii marketplace,” said Whittington. “In the next 90 days, we’ll roll out with a semi-digital process which allows the borrower to enter key information directly into a web-based portal to start the process, and fully-digital approach next year which will allow  everything to be done online including e-signing disclosures and closing documents.”

To learn more about this breakthrough in Mortgage underwriting, please contact Compass Home Loans.

About Compass Home Loans, LLC

A full-service, Hawaii-based mortgage banking company, Compass Home Loans, LLC is licensed as a Hawaii Mortgage Loan Originator Company and a sponsored third party originator authorized to originate FHA and VA loans. NMLS# 1194719. Compass Home Loans, LLC is regulated by the Hawaii Division of Financial Institutions. http://compasshawaii.com

Source: Compass Home Loans, LLC