Chronos Solutions, a national real estate financial services provider based in Coppell, Texas, has begun providing reporting services through Fannie Mae’s Day 1 Certainty program. These services include the company’s newly approved Taxdoor platform, Chronos’ proprietary automated tax return verification system for income verification, and VODAchek, the company’s asset verification system.
“This is a crucial step toward achieving Chronos Solutions’ goal of helping America's lenders originate more loans with greater confidence and less exposure to risk,” Chronos CEO Mark Hikel said in a press release. “It is also an important differentiator, as it will make our service offerings for our lender customers even more comprehensive.”
Taxdoor utilizes the Desktop Underwriter (DU) validation service to add even greater capabilities to an automated, mobile-enabled transcript verification technology that was specifically designed to reduce IRS rejection rates by as much as 75 percent.
VODAchek provides lenders with access to instant, automated electronic bank statements with up to three months of borrower transaction details from 15,000 financial institutions through a secure, web-based platform with flexible reporting tools.
Fannie Mae created Day 1 Certainty to provide lenders with enhanced loan origination controls, process efficiency, and certainty around borrower data input into DU. Fannie Mae requires report suppliers to undergo a rigorous assessment process and offers lenders rep and warrant relief on loan components validated through Day 1 Certainty.