The revised Uniform Underwriting and Transmittal Summary is now available for testing in our production or stage environments. As of now, the mandatory use date has not changed from February 1, 2020 (the prior mandatory use date for the redesigned URLA), however it is possible the mandatory use date of the new 1008 may be revised at a later date. In the meantime, Fannie Mae and Freddie Mac (the “GSEs”) have both indicated the new 1008 may be used now. Accordingly, we are making it available for testing if you wish to explore use of the new form, and implementation for current loans if you wish.
The revised form has been modified with the following:
- I. Borrower and Property Information- Number of Units was removed and is now a selection under Property Type.
- II. Mortgage Information- If Second Mortgage section was removed.
- III. Underwriting Information- Stable Monthly Income section was revised to now include the income of more than one borrower and one co-borrower. This section also now includes Rental Income and Net Rental Income.
Please note that DocMagic’s file name for the revised Form is UUATS.MSC. The revised Uniform Underwriting and Transmittal Summary has not been added to any of DocMagic’s packages. If you wish to test the revised form, please contact DocMagic’s Customer Service Department to request that your account be configured accordingly.
DocMagic will continue to provide updates about our ongoing work to support the implementation of the revised Uniform Underwriting and Transmittal Summary when further information is announced.
