In December 2018, Fannie Mae and Freddie Mac (the GSEs) published a revised Uniform Underwriting and Transmittal Summary (Form 1008). This optional form is used to summarize key data from the loan application package and is used by lenders to reach an underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans. Lenders may, but are not required to, retain Form 1008 for loans underwritten with Fannie Mae’s Desktop Underwriter.
In April 2019, the GSEs announced that the effective date for use of the updated Form 1008 would be February 2020; this date was chosen to align with the mandated use of the redesigned Uniform Residential Loan Application (Form 1003), which at the time was February 2020. However, given the optional nature for the use of Form 1008, Fannie Mae has announced in SEL-2020-03, that the GSEs are no longer requiring lenders to use or implement the updated Form 1008. Either version of Form 1008 (revision 06/16 or revision 12/18) will be accepted by the GSEs. Lenders may still use the updated Form 1008 if they choose for manually underwritten loans.