Better, faster, smarter. Delivering on digital transformation is a priority in 2021. Our internal and external processes and systems have undergone significant improvements in recent years, and we don’t plan on slowing down. Loan reporting is an area of opportunity – and an area where we intend to lead the industry toward important changes.
Loan reporting data originates in a digital format, but there are no consistently followed standards or procedures to make reporting easy and digitized. As a result, borrowers, property managers, and lenders spend too much time and money reconciling and reformatting the data into rent rolls and operating statements. By the time the data gets to Fannie Mae’s asset managers, the information is stale, lacks detail, and already requires updates.
We believe there can be a better, simpler process – one that allows borrowers to click a button and digitally transfer required data straight to their lenders and Fannie Mae. That’s why we’re building capabilities to bring this digital system to life for property-level data like rent rolls and operating statements. The benefits will be extensive – saved time, less complexity, greater consistency, and more up-to-date information.
Digitizing this data also supports a critical tenet of our mission: providing liquidity in every market, every day. We need best-in-class data and processes to sustainably deliver capital to you when you need it.
We’ll start with the digital submission of monthly rent rolls, which we’ll enable this summer.
Here’s what to know:
- The new requirements will apply to all loans acquired after our expected July rollout. We plan to begin collecting data from a portion of our properties in Q3 and will continuously expand coverage across the entire portfolio.
- Please note, this is a process improvement to ongoing property-level data reporting and will not affect the deal submission process in DUS® Gateway.
Development has been a team effort. We’ve engaged with Borrowers, DUS® Lenders, managers, and relevant software vendors to create a process that’s effective and efficient for all. We also leveraged CMISMO standards and our Technology and Innovation Subcommittee (TISC) lender partners to identify the most effective solutions to reporting obstacles and ensure a smooth transition.
Digitization isn’t just a goal – it’s a necessity. Improving property data submission is an exciting step toward a frictionless future. We look forward to seeing you there.