Fannie Mae and Freddie Mac each announced in recent selling guide updates that they are delaying the effective date for the revised form 1008 or 1077, the Underwriting Transmittal Summary. The two GSEs stated that based on industry feedback they would delay use of the revised form until use of the redesigned Uniform Residential Loan Application was also effective. This means the new form 1008 or another similar document will now be used for applications dated on or after February 1, 2020.
DocMagic has been working to accommodate the revised form on the original schedule which would have seen its use beginning June 5, 2019, for Freddie Mac loans and July 1, 2019, for Fannie Mae loans. Despite this delay, DocMagic will continue our work to have the form available as soon as possible. The GSEs have both stated lenders may begin using the form immediately and need not wait for the effective date. Continue to check back here for additional updates on when the revised 1008 will be available for testing.
You can review the Fannie Mae Selling Guide Update here and the Freddie Mac Selling Guide Update can be found here.
