With the interface, loan officers using Dynatek's MorVision TM family of software can now use Fannie Mae's Reduced Data Set guidelines. Best Connections announced by James A. Johnson, Fannie Mae's Chairman and Chief Executive Officer, at the Mortgage Bankers Association's National Secondary Market Conference, reduced the data elements or information needed about the applicant by 30 percent.
Data elements are information such as name, income, and liabilities.
The new Desktop Underwriter 4.0 offers several underwriting flexibilities that were not previously available including expanded loan eligibility for more borrowers and new mortgage risk analysis capabilities. Loan officers in the field - an receive automated underwriting decisions much more rapidly, allowing customers to obtain loan approval in minutes. Processing time and expenses are also greatly reduced. Automated underwriting includes the electronic submission, underwriting decision, and communication and is generally seen as a way to reduce documentation, paper and the time involved to process a mortgage loan. Dynatek provides mortgage origination solutions for all sizes of financial institutions nationwide.