Today, FNMA posted SEL-2020-03 (available directly at: https://singlefamily.fanniemae.com/media/document/pdf/announcement-sel-2020-03-selling-guide-updates), which announced that FNMA has changed some of their late charge policies “to provide further discretion to our lenders”, as well as announcing the following concerning the newest version of Form 1008:
“In Dec. 2018, Fannie Mae and Freddie Mac published an updated Uniform Underwriting and Transmittal Summary (Form 1008). In Apr. 2019, we communicated that the effective date for use of the updated form was aligned with the mandated use of the redesigned Uniform Residential Loan Application (Form 1003), which at the time was Feb. 2020. We also updated the Selling Guide to allow for the use of a similar document in lieu of Form 1008.
Considering the optional nature of the Form 1008, we are no longer requiring lenders to use or implement the updated Form 1008. Lenders may use the updated Form if they so choose for manually underwritten loans. (Note that this effective date change did not require an update to the Guide.)”
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).