(RECAP: Fannie Mae’s Day 1 Certainty, introduced in October, is one of the latest efforts to push the technology envelope while managing risk for lenders, adding certainty to their process, and improving the mortgage experience for all parties. One component of Day 1 Certainty is helping lenders validate income, assets, and employment electronically in Fannie’s automated underwriting system, Desktop Underwriter. Validation is performed through designated vendors and provides relief from representations and warranties on validated loan components, addressing risk up front in the lending process. This change allows mortgage originators to lend with confidence. Day 1 Certainty’s other components include enhanced property inspection waivers on certain refinances with rep-and-warrant relief on property value, condition, and marketability.)

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(RECAP: Limited housing supplies are forcing prospective homeowners to make significant compromises, such as devoting less money to saving for emergencies and retirement, a new survey says. According to a study commissioned by Owners.com, an online brokerage, about 60% of consumers said saving for a home takes priority over saving for an emergency, or retirement and 72% said it would limit their contributions to other investment funds.)

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(RECAP: Teachers, store clerks and restaurant servers struggle to find affordable homes in Virginia Beach, according to a study City Council members discussed at a recent work session. Many of those residents don’t make enough to pay $1,200 a month in rent – the median rate. Now, the city has to choose if it wants to encourage fixing up older homes – which would eventually bring in more real-estate tax money to support affordable housing programs – or, if money is better spent making higher wage jobs so people can afford what’s already here. Consultants from Virginia Tech’s Virginia Center for Housing Research presented highlights of its study at a work session Jan. 24. It included addressing housing costs, helping aging neighborhoods and keeping millennials and baby boomers in the city.)

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