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#2248684 - 02/04/21 04:02 PM New 1003
dutchbltz Offline
100 Club
Joined: Oct 2015
Posts: 134
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!

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#2251348 - 03/27/21 02:04 AM Re: New 1003 dutchbltz
theloanbug Offline
Platinum Poster
Joined: Sep 2005
Posts: 689
Are you still using the old application?

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#2251355 - 03/28/21 10:04 PM Re: New 1003 dutchbltz
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,246
On the Net
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.
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#2251373 - 03/29/21 02:49 PM Re: New 1003 dutchbltz
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,246
On the Net
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.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#2251401 - 03/29/21 06:10 PM Re: New 1003 dutchbltz
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,086
Cape Cod
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.
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BankersOnline.com
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