Just curious - for those of you who do NOT sell mortgages to the secondary market, are you moving to the new 1003 in March? I am inclined to NOT; at least, not now. But I am wondering what others are doing.

Thanks!

Are you still using the old application?

I don't believe the new form is required unless you're selling (now or during the life of that loan) to the secondary. So long as you gather the required data the form is moot.

I don't believe the new form is required unless you're selling (now or during the life of that loan) to the secondary. So long as you gather the required data the form is moot.

To put a finer point on it, it's required for Fannie Mae and Freddie Mac loans -- it's their form, after all. It may have been adopted as a requirement by other secondary market investors. But if you hold your loans in portfolio, it's only required if the bank elects to require it.