On August 23, 2016, Fannie Mae and Freddie Mac announced the publication of a NEW 1003 application form (aka Uniform Residential Loan Application). The form has undergone a major overhaul and lenders may begin using it on January 1, 2018. It’s important to note that with the implementation date so far off, there could still be additional changes. Freddie and Fannie plan to provide an implementation timeline in the coming months.
So what’s changed? The form has been streamlined with both the layout and terminology changing. In addition, there are new data fields and the form includes updates to collect expanded HMDA demographic information beginning January 1, 2018. These are just a few of the changes. We encourage you to review the new form and add this to your compliance to do list.