Technology Platform Announces Integration With Fannie Mae

Plaid, a technology platform that enables applications to connect with users’ bank accounts, recently announced the launch of a pilot with Fannie Mae to automate the asset verification step of the mortgage lending process.

Since its founding in 2012, Plaid has set out to enable innovation throughout financial services.
Plaid's technology infrastructure allows innovators to create new products and applications that connect consumer's bank accounts with the financial applications they use to better their
financial lives.

By working with Fannie Mae’s Desktop Underwriter (DU) validation service, Plaid will offer a more reliable way for mortgage lenders to verify borrowers’ assets, according to the announcement.

With this integration, Plaid makes it possible for Fannie Mae’s lenders to connect with borrower bank accounts directly and in real-time. This approach replaces the need to manually collect and review documents for key parts of the mortgage process and also protects lenders from related buyback risk through Fannie Mae’s Day 1 Certainty TM program.

"Automated asset verification is a big step forward for what’s historically been a paper-based
industry. We’re excited to help simplify and streamline the mortgage application process,” said
Zach Perret, CEO and Co-founder at Plaid. “Plaid is focused on enabling innovation and
simplifying the customer experience in financial services, and working with Fannie Mae on their Day 1 Certainty initiative is a great example of that.”