Michael Shotnik
Branch Manager
READ BIO
FROM OUR BLOG
August 24, 2017

What is Day 1 Certainty?

Day 1 certainty is a relatively new development in the underwriting world. In a nutshell, automated underwriting (used by just about all lenders) is now able to perform income, asset, and employment verification services. This means less documentation is needed from clients, and the pace at which a file can move will accelerate.

In addition, the propensity for appraisal waivers (no appraisal needed) will increase. Together, these innovations deliver greater speed, simplicity, and certainty to the lending process. They also promote greater digitization of data and processes to the mortgage industry, which will offer a better client experience!

Verification of Income, Assets, and Employment:

  • Validates the loan application data up-front and provides faster and easier verification!
  • Gives lenders the ability to offer their borrowers a dramatically better mortgage experience. Borrowers will be able to save time by using electronic data versus collecting documents such as paystubs, bank statements, and investment account statements.

Appraisal waivers:

  • When a property receives a qualifying score through automated underwriting, an appraisal waiver will be received.
  • Enables lenders to focus more of their attention on high-risk appraisals. It also makes the process more efficient for appraisers due to fewer underwriter requests for correction and clarification.

RECENT BLOG POSTS

VIEW MORE BLOG POSTS >

APPLY ONLINE

Start the application process today!

GET STARTED

Sign up for our mailing list

Stay up to date and receive occasional updates about the Colorado housing market and useful information.

We're here to help.

CONTACT US TODAY!
Sierra Pacific Mortgage Company, Inc. dba Colorado Mortgage

Sierra Pacific Mortgage NMLS# 1788. Michael Shotnik NMLS: 218281, CO License: 100017466. Regulated in Colorado by the Division of Real Estate #988320. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.