Compliance News Alert: Nebraska Net Tangible Benefits Disclosure
Oct 23, 2019
On October 23, 2019, FNMA and FHLMC published a notice concerning updates to the Redesigned 1003, available here: https://www.fanniemae.com/content/notification/notification-urla-announcement-october-2019, and posted directly on the FNMA Redesigned 1003 website along with the updated copy here: https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
These updates, which are detailed in the announcement, largely revolve around a few areas of concern highlighted by the Federal Housing Finance Agency (FHFA) and contributing partners. From the announcement:
“Changes have been made to the Borrower Information, Additional Borrower Information, Lender Loan Information, Continuation Sheet, and Unmarried Addendum components. The Rendering Design Options document has been updated and reposted to reflect these changes. NOTE: The dynamic version of the redesigned URLA has been retired.”
However, this announcement from FNMA/FHLMC does not contain an implementation timeline for the Redesigned 1003:
“The GSEs are on track to publish their respective updated automated underwriting system (AUS) specifications and supporting documents in November 2019, and to announce the updated implementation timeline and mandate before the end of the year.”
We are currently reviewing this 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/).
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.