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GSEs release new mortgage application forms


Fannie Mae and Freddie Mac on Tuesday published the redesigned standard forms that will be used by borrowers to apply for a home mortgage.

In a news release, the government-sponsored enterprises (GSE) said this form revision is the first in more than 20 years and was the product of extensive industry collaboration. The new forms are intended to be more user friendly. The GSEs also have developed a common data set as part of a larger effort to standardize single-family mortgage data. 

Notably, the new forms do not include a language-preference question. Fannie and Freddie’s overseer, the Federal Housing Finance Agency, recently dropped the question from the form after banking industry trade groups raised several objections. A Spanish version of the forms will be published soon, however. 

The forms still require a "safe harbor" review by the Consumer Financial Protection Bureau. 

Lenders will be able to use the forms starting in January 2018. A timetable for the formal implementation of the forms and data set will be published at a future date.


 

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