In a previous version of this story, Mortgage Daily incorrectly identified this speech as being given by FHFAÂ Director Mel Watt. Mortgage Daily should have identified former FHFAÂ acting director Edward J. DeMarco as the speaker. We apologize for this error.
An updated mortgage application form that is currently in the works promises to provide more industry standardization.
Originators of home loans utilize the Uniform Residential Loan Application in the origination of agency mortgages. The form is also used in many non-agency transactions.
At Fannie Mae, the loan application is Form 1003, while Freddie Mac’s loan application is known as Form 65.
There is also a HUD/VA Addendum to Uniform Residential Loan Application for mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
In conjunction with FHA, VA and Rural Development — Fannie and Freddie are involved in an effort to create a new Uniform Residential Loan Application, according to the former acting director at the Federal Housing Finance Agency, Edward J. DeMarco.
DeMarco made his comments Wednesday in a presentation at the Federal Reserve Bank of Atlanta’s 19th Annual Financial Markets Conference, according to prepared text of his speech.
“When the new form is complete, all of the data fields will be consistently defined, enabling widespread use of standard industry data formatting to collect critical borrower information,” DeMarco said.
