The Uniform Underwriting and Transmittal Summary Form 1008 summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans.
Is an initial 1003 required?
It is required by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) for mortgages that they purchase from lenders. ... Form 1003 is typically completed twice in the mortgage process: once during the initial application, and again at closing.
Is the final 1003 required to be signed by the loan officer?
Documenting the Loan Application A complete, signed, and dated version of the final Form 1003 must always be included in the loan file.16 dic 2020
What is a mortgage loan summary?
A summary of your loan details, which include your loan amount, the term of your loan, and your initial monthly payment. Your escrow account information, which includes your pro–rated annual property tax and homeowners insurance costs.5 jun 2020
What is an underwriting Transmittal?
The Underwriting Transmittal (1008) is used to summarize key information utilized in the comprehensive risk assessment of a mortgage and the final underwriting decision. The 1008 is divided into 16 sections, with the majority of the information populating to and from other screens within the LOS.
Is the 1008 required?
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.3 jun 2020