As previously announced, FNMA has published a new version of their “Uniform Underwriting and Transmittal Summary” (FNMA Form 1008), which they will require to be used starting July 1, 2019.* FHLMC requires the form to be used in connection with loans with application dates on or after June 5, 2019 (see FHLMC Bulletin 2018-24). However, both GSEs allow the use of this form before these dates.
We are pleased to announce that we have created a copy of this form as new Cx22822. This document will be configured to print under the following conditions:
- Print Redesigned 1008 Underwriting Transmittal = Yes
New standard Cx22822 will print one copy per loan. While most of the fields used on this new form are already in use on our current copies of the 1008, the following new fields were created:
- Borrower 1 Monthly Income No Net Rental (FI 131884)
- Borrower 2 Monthly Income No Net Rental (FI 131885)
- Borrower 3 Monthly Income No Net Rental (FI 131886)
- Borrower 4 Monthly Income No Net Rental (FI 131887)
- Borrower 5+ Combined Monthly Income No Net Rental (FI 131888)
Note: These first five fields were created to populate the various borrower-specific disclosures under “Stable Monthly Income”, Section III of the new 1008. These fields include Base, Overtime, Bonuses, Commissions, Dividends, and Other Income, but exclude Net Rental Income.
- Combined 1008 All Monthly Payments Minus Total Proposed Property Expense (FI 131866). This is used to populate the “All Other Monthly Payments Used in Qualifying” disclosure in Section III of the new 1008.
- Combined 1008 Total Net Rental Minus Total Subject Property Cash Flow (FI 131867). This is used to populate the “Net Rental Income – other properties” disclosure in Section III of the new 1008.
- At Least One Borrower is Self-Employed (FI 131925). This is used to check the “At least one borrower is self-employed” checkbox in Section III of the new 1008.
We have also added new field option “Freddie Mac Exempt from Review” to “Project Classification” (FI 31321) and new import option “LoanProductAdvisor” for “AUS Type” (FI 31327) for new options in Sections I and III of the new 1008, respectively.
Cx22822 is currently available for testing on ConformX Stage servers and will be available for use on Production after the April 5th, 2019 ConformX software release. If you have any questions or concerns about this document, please contact Client Support at 1.800.497.3584.
* FNMA announced in FNMA Ann. SEL-2019-03 that they are postponing the mandatory compliance date for new Form 1008 to match that for the 2019-version of Form 1003 (i.e. it must be provided in connection with loans with applications dated on or after February 1, 2020). FHLMC has also announced a similar postponement in FHLMC Bulletin 2019-7.