Though it’s still a ways off from implementation, now is a great time to familiarize yourself with Fannie’s and Freddie’s updated common mortgage application. Often referred to as the Fannie Mae Form 1003 or Freddie Mac Form 65, the new-and-improved online Uniform Residential Loan Application will make the digital mortgage application process easier on all.
Lenders will now have to fill out five sections of the application, which are separate from the eight sections for borrowers. It will also require the borrower’s cell phone number and email address, data points we already collect, but have now become requirements in the mortgage application process.
The online Uniform Residential Loan Application should theoretically be pretty intuitive, with drop-down menus and easy-to-navigate sections. A version of the application will also be available in Spanish, though so far there is no word on an actual Spanish-language application. The Spanish version currently only exists to help non-native speakers fill out the English-language version.
Though we don’t anticipate that this new application will be perfect, it should be a great start to streamlining the online Fannie and Freddie borrowing process. After all, the redesign has been in development since 2013 in conjunction with the Federal Housing Administration, Veterans Affairs and Department of Agriculture.
We have to believe this new iteration will be a great start when it debuts on Jan. 1, 2018. While 2018 may seem far away, it really isn’t. Take some time over the coming months to learn about this newly redesigned application, its uses and what your clients may need to know so we can make the borrowing process as easy on them as possible.