MortgageReverse

Fannie Mae Updates Reverse Mortgage Loan Application

image Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009) and is requiring that lenders use the new form starting July 1, 2010. 

The GSE updated the 1009 to comply with Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application process and loan delivery.

According to FNMA, the document has been updated to support loan originator ID and loan origination company ID.  However, the updated 1009 includes additional questions which you can see at the link below.

FNMA started supporting the new data requirements in July 2009, but lenders aren’t required to use the new 1009 until July 1, 2010 said the FAQ.

Fannie Mae Updated 1009

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