Similar to Fannie Mae, the Federal Home Loan Mortgage Corp. They’ve also increased the availability of Appraisal Waivers and pushed the industry-wide adoption of digital capabilities such as eClosing solutions and eNotes.įreddie Mac Reimagines Enterprise Data Managemement As a result, rent payments now count on mortgage applications, dramatically expanding who is eligible for a loan. For example, using automated underwriting software, Fannie Mae can now scan a person’s bank account to identify and track rent payments whether via check, Venmo, Zelle or other platform. In the past year, Fannie Mae has also released a number of new AI-powered products and services designed to both expand and protect home-ownership. AWS enables Fannie Mae’s ongoing digital transformation, and we rely on their innovative technology and cloud services to drive positive change in our industry.” Johnson, executive vice-president and chief operating officer for Fannie Mae also added, “Our ability to innovate directly improves our ability to meet our housing mission by making it more equitable and affordable to buy or rent a home. With Amazon Kinesis (AWS’s real-time, fully managed, and scalable platform for streaming data) and Amazon Aurora (AWS’s relational database built for the cloud) Fannie Mae can ingest, process, and analyze a greater volume of data faster to accelerate the introduction of new services and scale to meet the unprecedented increase in borrower demand.” According to the initial press release, by moving to the AWS cloud, “Fannie Mae was able to deploy its forbearance program into production faster using AWS, initiating 1.4 million single-family forbearance plans since March 2020.
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We built a customer content portal that we call Max to enable the free flow of information and the push of that information.”įannie Mae also moved its internal systems and customer-facing workloads to the cloud. So we said, ‘Well, let’s give it to you in an app form.’ We built corresponding lender facing content to push it out through. In an interview with Quartz Network, Fannie Mae’s Chief Marketing Officer, Steve James, explained, “So revamping our website, employing the cloud based web analytics, we launched a consumer facing Fannie Mae app, which again, we found over 50% of people are coming to our website on their phones.
The goal was to not only reduce costs and modernize the user experience, but ensure people had access to the resources they needed to hold on to their homes amidst great economic uncertainty. In response, Fannie Mae decided to not only overhaul its website, but build new digital experiences and truly reimagine how it engaged with its customers. Like many organizations, the COVID-19 crisis and the resulting economic chaos pushed Fannie Mae into a tailspin of sorts. However, Fannie Mae is proof that digital transformation is a continuous, never-ending process. Here’s a look at how Fannie Mae has managed to keep up with the times.įrom 2014 to 2019, it launched its ITSM transformation, deployed a new CRM (Salesforce), transitioned to Office 365 and began its long cloud migration journey (more on that later).
However, in the past 10 years, so much has changed both in terms of the proliferation of digital technology and the housing market in general. Since its founding in the 1930’s, the Federal National Mortgage Association, commonly known as Fannie Mae, has made home-ownership possible for millions of Americans, if not more.
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