Summer doesn't mean a slowdown for the Multifamily Technology and Innovation Group -- we're busy rolling out process improvements and piloting new initiatives to help you do your business more efficiently.
Process Improvements: E-signature continues to expand
After leading the market by accepting Folder II documents electronically for the past decade, we issued Lender Letter 17-20 in November, 2017 to expand e-signature and delivery eligibility to many underwriting and servicing documents. Now, with your input, we are evaluating all 6000 series loan documents, some 4000 series loan documents commonly used for servicing matters, and lien release instruments for e-signature compatibility.
We are also seeking input from your counsel to ensure we are mindful of closing process impacts, and we are thrilled to have DUS Docway™ online as our enhanced repository.
Learning From You: Customer Journey Pilot
We ran a successful pilot Customer Journey project this year with one of our lenders. A cross-functional team from Technology and Innovation, Customer Engagement, Credit, and Operations spent several days at the lender shop talking to originators, deal teams, underwriters, and closers, shadowing them as they went about their day-to-day work on Fannie Mae loans. Our team learned a lot and we came back with insights and actionable items to make doing business with us easier.
For example, our observers noticed how much repetitive work was involved in entering a portfolio deal into DUS Gateway™, and we were able to prioritize a fix that cut back significantly on that duplicative work. That's a win for everyone -- less work for lenders, less chance of error in our systems. Having established a successful approach, we're talking internally now about how and when to expand this pilot to even more lenders, so stay tuned.
New API Capabilities
If the theme of all our work is "making it easier to do business with Fannie Mae," a sub-theme is aspiring to speed up our processes. To that end, we are in the middle of a data integration pilot focused on using APIs (Application Programing Interfaces) to register deals in DUS Gateway. APIs are a simplified and safe communication mechanism to better connect our applications with lender systems to reduce duplication of data entry. The pilot has been successful and we plan to roll out the capability to register deals in DUS Gateway to all lenders by early 2019.
It's been a busy year thus far in the innovation space, and there's more to come in Q4 with the implementation of REMICs in DUS Disclose™, enhancements to the process for committing Green loans, and working closely with you as we build out the new online solution for our Multifamily Selling and Servicing Guide -- which you can now access on our website.