Fannie updates Uniform Residential Accommodation App.MortgagePress.comFannie Mae,residential accommodation applicationFannie Mae has issued Announcement 05-05, to acquaint the industryof changes to the Uniform Residential Accommodation Appliance (Form 1003).These changes are in acceptance to accompaniment laws, such as California’sDomestic Partner Rights and Responsibilities Act of 2003, whichtook aftereffect Jan. 1 and grants non-spouses the appropriate to buying ofcommunity property; and to the Federal Reserve Board’s 2003 rule,effective April 15, 2004, acute acclaim applicants to expresslyindicate if they are applying alone or jointly.The revised Anatomy 1003 contains new instructions at the beginningof the document, apropos the recording of co-borrowerinformation, back the accommodation appliance involves acreage accountable toa non-applicant’s association acreage rights, as able-bodied as changes toSection VI. Signature curve accept been added to the top of the formfor the appellant to announce whether the appliance is madeindividually or jointly. Other changes to Anatomy 1003 accommodate aclearer acceptance from the borrower that the borrower isgranting admission to assertive advice in the accommodation application, orrelating to the loan, to any buyer or servicer of the loan. SectionX of Anatomy 1003 additionally has been adapted to analyze that forface-to-face applications, if the borrower does not accouter therace, ethnicity or information, the lender is appropriate to notethe advice based on beheld ascertainment and the surname of theborrower.Similar updates accept been fabricated to the Spanish-language versionof Anatomy 1003 to mirror these changes, as able-bodied as enhancements tothe translations for bigger accuracy. The new Anatomy 1003 may be usedimmediately and is binding for all applications taken on or afterJan. 1, 2006.Other capacity addressed in Announcement 05-05 accommodate revisionsto the Verification of Acclaim and Business References (Form 1001),adding added abstracts fields to the form, and changes to theUniform Underwriting and Transmittal Summary (Form 1008) to includenew activity blazon codes for anecdotic loans anchored bycondominiums.For added information, appointment www.fanniemae.com.
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