[1]HUD recently released a notice [2] requesting public comment on proposed revisions to the Addendum to Uniform Residential Loan Application, also known as the 92900-A. This is the loan certification document signed by lenders.
The Uniform Residential Loan Application, also called Form 1003, 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, according to HUD. The organization is requesting all public comments be received by July 14, 2015. Anyone interested in commenting should submit their comments for the proposal to: Colette Pollard, Reports Management Officer, QDAM, Department of Housing and Urban Development, 451 7th Street SW., Room 4176, Washington, DC 20410–5000; 202–402–3400 (this is not a toll-free number) or email at [email protected] for a copy of the proposed forms or other available information. Comments should include proposal name and/or OMB Control Number.
“The comment period provides FHA an opportunity to hear directly from the industry,” said Ed Golding, principal deputy assistant secretary of HUD. “We want to ensure we’re providing clear guidelines for what lenders are responsible for in a common sense way. Ultimately, we’re working to improve clarity in a manner that will be beneficial to lenders and borrowers alike.”
Proposed revisions to the HUD Addendum to Uniform Residential Loan Application:
- Differentiate between initial and final Uniform Residential Loan Application
- Revise mortgagee certification on debarment and suspension to be loan specific
- Remove references to Handbooks no longer in use by Single Family Housing
- Update language regarding acceptable sources of funds
- Provide current non-discrimination language
- Update terminology reflected in the new Single Family Housing Policy Handbook 4000.1.
View the complete proposal at: GPO.gov [3]