Forms 1003, 1008 Revised
Fannie Mae has updated the Uniform Residential Loan Application and the Uniform Underwriting and Transmittal Summary.

The updates were announced Friday in seller-servicer Announcement 09-21.

Revisions to the loan application, known as Form 1003, include the addition of "Loan Originator ID" and "Loan Origination Company ID" fields as required under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
read full story

Technology Boosts Mortgage Lead Conversions
A new offering promises to help loan originators convert more mortgage leads by delivering prospect data to mobile phones and other wireless devices as soon as the customer makes an inquiry.

New FHA Forms
The Federal Housing Administration has developed a new transmittal form and updated a loan application addendum form.

Credit Score Technology Boosts Prospects
A new study suggests that mortgage bankers could increase their pool of qualified prospects while weeding out consumers with artificially inflated credit scores by using VantageScore. The recently developed credit scoring system reportedly helps distinguish between high risk and low risk subprime borrowers.

Wholesale Goes Google
Nonconforming wholesale programs have significantly diminished as of late, and vertical search engines are pulling out all the stops to help mortgage brokers find available programs. Some wholesale search engines, which have seen their relevance balloon, now include credit reporting services in their offerings.

Companies Boost FHA Focus
IBM Lender Business Process Services Inc. said it has been approved and licensed to conduct origination services for government-insured loans. The regulatory actions were taken as IBM said it sees opportunity for its private label business with the growing demand for FHA.

Low Credibility for Mortgage Ads
The majority of Americans don't trust mortgage advertisements, according to a new survey.

Mortgage Technology Times
Although a big chunk of prospective borrowers prefer self-service technology, they still want face-to-face advice about getting a mortgage, a recent survey indicated. A new strategic alliance ensures secure loan processing with documents that are compliant with all state and federal regulations.

Building Business Through Wealth
Any loan originator can earn $500,000 a year, according to one superstar. The secret to succeeding -- whether or not times are slow -- is focusing on helping prospective borrowers build wealth.

LOS Advancements
Recently launched loan origination technology promises to provide approved brokers with wholesale loan options as they input the application, though one competitor criticized the intrusive nature of the offering.

LOS, AU & Servicing Technology
While there was plenty of activity in servicing technology, improvements to front end applications dominated mortgage technology business during the latest week.