DocMagic previously announced the availability of the revised Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008 / Freddie Mac Form 1077) (Form ID: UUATS.MSC) in October 2023. When DocMagic programmed the UUATS.MSC, the section titled “All Other Monthly Payments” was programmed to include all liability and proposed housing expense payments. This provided a “Total of All Payments” amount that previously enjoyed its own line item on the previous version of the form.
DocMagic is now updating the UUATS line of ““All Other Monthly Payments” to be only that of the remaining liabilities that are not inclusive of the housing expenses. I.E., car payments, student loans, child support, credit card payments, etc. There will no longer be a total expense shown as a dollar amount on the UUATS. This number is represented as a percentage in the combined loan-to-value ratio.
This update will be available in production beginning on May 2, 2024.
