FNMA Form 1008 is provided in our system (Cx2901 and Cx15847) as an “upon request” document pursuant to FNMA 2018 Selling Guide B1-1-01, which states the following:
“The Uniform Underwriting and Transmittal Summary (Form 1008) summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 must be retained in the mortgage file for manually underwritten mortgage loans. Lenders may, but are not required to, retain Form 1008 for loans underwritten with DU.”
Among listing other loan data elements, Form 1008 contains a subsection under Section II entitled “Lien Position”. If “First Mortgage” is selected under this subsection, the amount of any subordinate financing is promulgated. For HELOCs, this includes the loan balance and credit limit; per the instructions to the form:
“When subordinate financing behind a first mortgage is a home equity line of credit (HELOC), enter both the amount drawn and the credit limit for the loan. The amount drawn must be included in the CLTV/TLTV calculation (Section III) and the credit limit must be included in the HCLTV/HTLTV calculation (also in Section III).” (available directly at: https://www.fanniemae.com/content/guide_form/1008irev.pdf)
To better meet this requirement, we are changing the triggers for generating the numbers which appear in this area. Rather than using FI 28859 (HELOC), we will be using the following fields for the trigger (both fields are currently used for the content as well):
- Subordinate HELOC Unpaid Balance Amount (FI 81885) has a value; or
- Subordinate HELOC Maximum Balance Amount (FI 81884) has a value.
This change will take effect on February 20, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 254899