HUD recently released a notice requesting public comment on proposed revisions to the Addendum to Uniform Residential Loan Application. This is the loan certification document signed by lenders. The Uniform Residential Loan Application, is a form required by Fannie Mae and Freddie Mac for single-family home loans that will be secured by these institutions. Applicants must provide their monthly income and combined household expenses, a listing of assets and liabilities, details of the real estate transaction, and personal information that will be used to determine eligibility.
The comment period on proposed revisions to the form will be open for 60 days. The organization is requesting all public comments be received by July 14, 2015. Proposed revisions to the Uniform Residential Loan Application include, differentiation between initial and final Uniform Residential Loan Application, revision to mortgagee certification on debarment and suspension to be loan specific, removal of references to handbooks no longer in use by Single Family Housing, update to language regarding acceptable sources of funds, current non-discrimination language must be provided.
According to Auction.com’s,Real Estate Nowcast for May, despite an unexpected drop in April, existing-home sales in May are expected to pick up and fall between seasonally adjusted annual rates of 5.3 and 5.34 million annual sales, with a goal of 5.18 million. This is a 2.9 percent increase from April and a 5.8 percent increase from a year ago. Auction.com expects May sales to come in at 5.18 million units, and median sales prices at nearly $221,000.