As we head into fall and Q4, there are several exciting things happening in the technology space that I want to share with you. But first, let me say that I’m excited to take on the role of interim Multifamily COO. I’ve had the opportunity to work with many of you on our digital transformation over recent years, but as interim COO, I’ll now be working with you in new ways, and I look forward to the partnership.
All of the new systems and applications outlined below, as well as recent enhancements like pricing automation, are designed with one goal in mind: to make it easier to do business with us. We’ve been on a journey these past eight years to change how we do this business, and we will continue to bring innovation, efficiency, and quality to everything we do.
First, we’ve just released some major enhancements to DUS Insights®, including the ability to see either quarterly or annual financial statements. DUS Insights is our property comparable tool, which leverages our book of business to help you pull quality comps for your deal narratives. We built this tool at the request of our lender community, and your feedback is critical to these enhancements as well.
DUS Data Digitizer
We are currently engaged in training lenders on DUS Data Digitizer, the next important step on our Data Standardization journey. This new app, which launches at the end of September, streamlines the uploading of structured data sets for third-party reports, under the Data Standardization initiative. Structured data from these reports will enable automation and more efficient reviews. Better data, and better data management, is critical for all of us as we build capacity to meet the emerging needs of the multifamily market.
See Guide Update 20-08: Data Standardization for more information.
Over the past year you’ve heard us talk about our journey to transform Fannie Mae’s asset management technology infrastructure by developing a comprehensive new “life of loan” system, now called DUS 360™. Given the current economic situation, we are fast-tracking functionality that provides all of us with avenues to better manage workouts and forbearances. The first part of the DUS 360 system will launch in November. This initial release will bring in more data from our internal system and provide an efficient way to examine risks and track the actions in flight on defaulted or forborne loans.
This is just the first iteration of DUS 360. Future releases will aggregate and simplify other systems and processes to enable more efficient loan and risk management activities across the DUS book of business and the entire life of loan cycle.
Technology and Innovation Subcommittee (TISC)
How do we decide where to focus our resources? One very important input is the TISC group. During our late June annual strategy meeting, TISC members ranked their priorities in a highly innovative virtual session. Top areas of focus include property data and acquisitions enhancements.
These projects align well with our strategy. And because they were conceived with help from TISC members, we’re confident that they’re aligned with your business needs, too.
Even as we prepare for our Q4 releases, teams are driving ahead on more rollouts for 2021. As the market changes – because of a pandemic or other disruptors – the needs of our customers change too, and we want to be there meeting those needs every step of the way.
I hope you all have a safe, healthy, productive autumn.