Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) have revised their Form 1008/1077 (rev. 12/18), the Uniform Underwriting and Transmittal Summary. This form summarizes the application package data that is to be used in the underwriting decision. Form 1008/1077 is required for all manually underwritten loans. It may also be retained, but is not required, for loans underwritten with the automated Desktop Underwriter. The form updates include removing outdated information and updating field labels throughout, adding a new Freddie Mac Project Classification selection of “Exempt from Review” (in section I. Borrower and Property Information), and removing the lender contact signature line (in section IV. Seller and Contact Information). Lenders may begin using the updated form immediately. However, Fannie Mae is requiring use for mortgage applications received on or after July 1, 2019, and Freddie Mac is requiring use for mortgage applications received on or after June 5, 2019.
