FNMA has just announced the following changes to FNMA 2019 Selling Guide B1-1-01:
“In December 2018, we updated the Uniform Underwriting and Transmittal Summary (Form 1008) and at the time we communicated an effective date of July 1, 2019. Based on industry feedback we have moved the effective date to align with the mandated use of the redesigned Uniform Residential Loan Application (Form 1003) for applications dated on and after February 1, 2020. In addition, we updated the Guide to allow for the use of a similar document in lieu of Form 1008 to allow lenders to use their own version of an underwriting form. With the effective date of the Form 1008 extended, Fannie Mae and Freddie Mac are considering a few additional updates to the Form, which we will communicate at a later date.” (FNMA Ann. SEL-2019-03, available at: https://www.fanniemae.com/singlefamily/originating-underwriting).
In addition to this, FNMA announced in an email today (Subject: “Selling Guide Updates, DU for Government Loans, and More”) the following:
“The Single-Family Fannie Mae/Freddie Mac Multistate Second Home Rider Form 3890 has been revised to clarify certain requirements. The accompanying instructions have been edited to align with form revisions and may be used immediately.”
We are currently reviewing these change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (https://compliance.docutech.com/).