In a few days you’ll receive your 7.2 packages in the mail. Make sure you install this latest version as soon as possible so that you will be in complete compliance for 2010. It’s a whole new ballgame beginning in January and you don’t want to be left out of the lineup!
We gave you the GFE 2010 in August and since then many of you have taken our training class. 7.2 has other new compliance requirements that have developed since then. Here is what we’ve packed into 7.2 for 2010 compliance:
- GFE Provider List: An add-on to HUD’s final rule of the revised RESPA Rules that requires loan originators to provide a new standardized Good Faith Estimate (GFE) starting January 1, 2010, also requires mortgage companies to list service providers on a separate form attached to the GFE. This add-on has been addressed with the addition of fields within the GFE forms and the ability to print the additional form on a single page.
- Transmittal Summary (1008): Fannie Mae has updated this form, effective January 1, 1010, to include new project classification codes for Refi Plus™ loans secured by properties that are located in condominium, PUD, or cooperative projects and for projects approved through the Project Eligibility Review Service (PERS). The new form includes the codes V Refi Plus, T PUD, and T Co-op.
- Loan Application (1003): In Announcement 09-11: New Data Delivery Requirements, Fannie Mae published changes to the Uniform Residential Loan Application (Form 1003) to accommodate new data elements required by the Federal Housing Finance Agency (FHFA). Fannie Mae is updating the Form 1003 to support the new loan-level data elements required by the S.A.F.E. Act. The new form, which must be used for all applications taken on or after July 1, 2010, will contain extra fields at the bottom of Page 4 to capture the Loan Originator ID and Loan Origination Company ID.
Want more information? Check out our support site at http://www.calyxsupport.com/ or see what training is available at http://www.calyxsoftware.com/training/schedule.asp.