New Fannie Mae Forms

[Wayne Henry]

I was informed that Fannie Mae would be releasing new forms in the coming years. I am eager to stay on top of this topic and would like any information any of my colleagues may have on this topic. Are they accepting commentary on the new form? will they release a beta version? Since this form affects most of our workload I would hope they would pre-release the product for our commentary. There are several ideas I have that can maybe help them form a more user friendly form. One of the ideas I have would be to bring back the room layout grid from the 93' version of the form. Most of the calls I receive from homeowners come from this area. They do not see the "Above grade" explanation for the one line grid and assume credit was not given accurately. The 93' version of the form shows the entire room count clearly. The other area which I believe should change is the neighborhood section. This section should go hand and hand with the 1004MC form which I assume will be assimilated into the new forms. Neighborhood should be changed to market area because this appears to truly be what Fannie Mae wanted information on and to parse the two different terms cause confusion.

 

[Peter LeQuire]

My guess would be that, if there are new GSE forms, the only comments to be made will be the GSEs when they issue them and update the instructions for their preparation and use.

 

[TRESinc]

i agree. they nave never asked for input from appraisers before at least as far as i know.

 

[Bobby Bucks]

Maybe the new ones will give one the choice of an update, final inspection or a desktop all from the same form.

 

[Non Sequitur]

The new forms will likely integrate some sort of CU system/database. I have no special insider knowledge but a few guys I respect and who I believe do have some insider knowledge have hinted at a cloud based system, almost real time data gathering and reporting. All of this may be pie in the sky but it's highly unlikely any change will be just forms based. It's going to be pretty interesting.

 

[Peter LeQuire]

I did get the announcement that the GSEs are rolling out a new 1003 - the Uniform Residential Loan Application (FNMA Form 1003. FHMC Form 65) and developing a "corresponding standardized dataset". These forms will provide "..lenders and borrowers with greater clarity and an easier, more consumer-friendly loan application."

For the sake of borrowers already frustrated by the processes involved in obtaining a home mortgage, I hope so.

 

[Bobby Bucks]

The new forms will likely integrate some sort of CU system/database. I have no special insider knowledge but a few guys I respect and who I believe do have some insider knowledge have hinted at a cloud based system, almost real time data gathering and reporting. All of this may be pie in the sky but it's highly unlikely any change will be just forms based. It's going to be pretty interesting.

I can see that being either a dream come true or a nightmare depending on if they allow us access to their data base and remove the current one way interrogation mirror.

 

[TRESinc]

I can see that being either a dream come true or a nightmare depending on if they allow us access to their data base and remove the current one way interrogation mirror.

never gonna happen... but i hope i am wrong.

 

[Michael Pecora]

whatever it is, its sure to be more work for us

 

[Riick]

Back in the day, when the very first 1004 forms were developed, the AI and the Society both had input.
How the mighty have fallen