Great, . . . . Now We Have a New Loan Application Too – Here’s the new 1003!!!

On June 26^th of 2009, Fannie Mae announced that itwould be amending the

uniform residential loan application

to accommodate data collection and tracking not just of mortgage companies but of individual loan officers as well. Today, Fannie announced what those changes will be and what this new little fella will look like.  While they were at it, they added a few other features.

A quick list of changes made include:

• ·         Loan originators NMLS ID
• ·         Mortgage company’s NMLS ID
• ·         Changes to the declarations section
• ·         Changes to the details of transaction section
• ·         Changes to the options for how the application information was obtained

These changes affect loan applications taken on or after July 1, 2010.  The declarations and details of transaction changes are helpful and clarifying.  Make no mistake about it, the addition of the NMLS ID’s will eventually serve as a method by which Fannie and Freddie can weed out lenders and loan officers in the same way that FHA uses Neighborhood Watch (which I count as a good thing).

So there it is folks, when you’re proficient with the new GFE, HUD, licensing system, software updates and everything else then you’ll have this new friend.