INTELLIGENT BRANDS // Cloud
Fannie Mae uses AWS to expand homeownership for first-time homebuyers
Leading source of financing for US mortgages uses AWS technology to enhance IT security and develop new ways to serve America ’ s homeowners and renters for decades to come .
Fannie Mae , a leading source of financing for mortgages in the US , is using AWS to help solve the biggest challenges in housing .
Fannie Mae uses the breadth and depth of AWS capabilities , including Machine Learning , analytics , and high performance and serverless computing to automate processes , enhance IT security , and innovate new services that facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America .
Fannie Mae is migrating IT workloads from on-premises data centers to AWS to increase IT agility and resiliency , and accelerate the introduction of new services for lenders and homeowners . By moving internal systems and customer-facing workloads to the cloud , Fannie Mae has the flexibility to quickly respond to external challenges like the COVID-19 pandemic and roll out new programs to help keep millions of borrowers and renters in their homes .
For instance , Fannie Mae was able to deploy its forbearance program into production faster using AWS , initiating 1.4 million singlefamily forbearance plans since March 2020 .
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 .
Fannie Mae uses AWS analytics services to process structured and unstructured data , including Amazon EMR ( AWS ’ s cloud Big Data service for processing vast amounts of data using open-source tools ), to deliver insights from data and take steps to responsibly expand access to mortgage credit .
Based on these insights , Fannie Mae launched a new feature in Desktop Underwriter , an industry-leading , automated underwriting engine that helps lenders efficiently complete credit risk assessments to establish home loan eligibility , to incorporate consumers ’ timely rent payments in the mortgage underwriting process , which is helping more first-time homebuyers qualify for a mortgage .
Fannie Mae also built its enterprise data lake on Amazon Simple Storage Service ( Amazon S3 ) to support more than 3,000 datasets and 100 applications , achieving faster time to market with innovative automated products . Now , using Amazon Redshift ( AWS ’ s cloud data warehouse ), Fannie Mae can quickly analyze external data from a variety of sources to understand key housing market indicators and trends , and scale insights across its operations .
“ Fannie Mae is working to solve the biggest challenges in housing . We are accelerating the Digital Transformation of our business to make it safer , simpler and less expensive for lenders to originate a mortgage . 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 ,” said Kimberly H . Johnson , Executive Vice President and Chief Operating Officer , Fannie Mae .
“ AWS enables Fannie Mae ’ s on-going Digital Transformation , and we rely on their innovative technology and cloud services to drive positive change in our industry .”
Matt Garman , Senior Vice President of Sales and Marketing at Amazon Web Services , said : “ Fannie Mae ’ s Digital Transformation with AWS is reinventing housing finance and lowering the barriers to affordable home rental and ownership for people and families across the US .
“ With AWS as a strategic cloud provider , Fannie Mae can drive resiliency in their operations , respond quickly to housing market dynamics and innovate new services to make the mortgage process easier .” p
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