Fannie, Freddie Bring Mortgage Application into Digital Age
New specifications for Fannie Mae and Freddie Mac's common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows.
The completely redesigned Uniform Residential Loan Application - commonly referred to as the Fannie Mae Form 1003 or Freddie Mac Form 65 - won't be effective until Jan. 1, 2018, the same implementation date for collecting expanded demographic information under the Home Mortgage Disclosure Act.
In addition to collecting the expanded HMDA data, the new application requests information like the borrower's email address and cell phone number - details that lenders gather today, but weren't commonplace when the form was first implemented more than 20 years ago.
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When a borrower is completing a digital version of the application, certain sections can be expanded or collapsed based on the circumstances of the loan...Read More Here.