Uniform Underwriting and Transmittal Summary Interactive (Form 1008): PDF

Uniform Underwriting and Transmittal Summary

I. Borrower and Property Information

Borrower Name SSN

Co-Borrower Name SSN

Property Address

Property Type Project Classification Occupancy Status Additional Property Information

 1 unit Freddie Mac Fannie Mae  Primary Residence Number of Units

 2- to 4-units  Streamlined Review  P Limited Review New Detached  E PUD  1 Co-op  Second Home Sales Price $

 Condominium  Established Project  Q Limited Review Established  F PUD  2 Co-op  Investment Property Appraised Value $

 PUD  Co-op  New Project  R Expedited Review New  T PUD  T Co-op Pr oper ty Ri ghts

 Manufactured Housing  Detached Project  S Expedited Review Established  Fee Simple

 Single Wide  Multiwide  2- to 4-unit Project  T Fannie Mae Review  Leasehold

 Reciprocal Review  U FHA-approved

 V Refi Plus™

Project Name CPM Project ID# (if any)

II. Mortgage Information

Loan Type Amortization Type Loan Purpose Lien Positi on

 Conventional  Fixed-Rate—Monthly Payments  Purchase  First Mortgage

 FHA  Fixed-Rate—Biweekly Payments  Cash-Out Refinance Amount of Subordinate Financing

 VA  Balloon  Limited Cash-Out Refinance (Fannie) $

 USDA/ RHS  ARM (type)  No Cash-Out Refinance (Freddie) (If HELOC, include balance and credit limit)

 Other (specify)  Home Improvement  Second Mortgage



 Construction to Permanent



Note Information Mortgage Or igi nator Buydown If Second Mortgage

Original Loan Amount $  Sel ler  Yes Owner of First Mortgage

Initial P&I Payment $  Broker  No  Fannie Mae  Freddie Mac

Initial Note Rate %  Correspondent Terms  Seller/Other

Loan Term (in months) Broker/Correspondent Name and Company Name: Original Loan Amount of First Mortgage

III. Underwriting Information

Underwriter’s Name Appraiser’s Name/License # Appraisal Company Name

Stable Monthly Income Present Housing Payment: $

Borrower Co-Borrower Total Pr oposed Monthl y Payments

Base Income $ $ $ Borrower’s Primary Residence

Other Income $ $ $ First Mortgage P&I $

Positive Cash Flow $ $ $ Second Mortgage P&I $

(subject property) Hazard Insurance $

Total Income $ $ $ Taxes $

Mortgage Insurance

Qualifying Ratios Loan-to-Value Ratios HOA Fees $

Primary Housing Expense/Income

LTV

Lease/Ground Rent $

Total Obligations/Income

CLTV/TLTV

Other $

Debt-to-Housing Gap Ratio (Freddie)

HCLTV/HTLTV

Total Primary Housing Expense $

Other Obligations

Qualifying Rate Level of Property Review Negative Cash Flow $

 Note Rate

 Exterior/Interior (subject property)



Above Note Rate

 Exterior Only All Other Monthly Payments $



Below Note Rate

 No Appraisal Total All Monthly Payments $

 Bought-Down Rate

Form Number:

 Other

Borrower Funds to Close

Required $

Risk Assessment Escrow (T&I) Verified Assets $

 Manual Underwriting  Yes  No

 AUS Source of Funds

 DU  LP  Other No. of Months Reserves

AUS Recommendation Interested Party Contributions

DU Case ID/LP AUS Key#

LP Doc Class (Freddie) Community Lending/Affordable Housing Ini tiative  Yes  No

Representative Credit/Indicator Score Home Buyers/Homeownership Education Certificate in file  Yes  No

Underwriter Comments

IV. Seller, Contract, and Contact Information

Seller Name Contact Name

Seller Address Contact Title

Contact Phone Number ext.

Seller No. Investor Loan No.

Seller Loan No.

Contact

Signature

Freddie Mac Form 1077 06/09 Page 1 of 1 Fannie Mae Form 1008 06/09

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Instructions

Uniform Underwriting and Transmittal Summary

Lenders use this form to summarize key information utilized in the comprehensive risk assessment of the mortgage loan and the final underwriting decision

-- such as loan purpose, property type, proposed monthly payments, and debt ratio -- for manually-processed applications related to conventional first and

second mortgages. Lenders processing applications through Desktop Underwriter® are not required to use this form.

Copies

Original, plus one.

Printing Instructions

This form may be printed on legal or letter size paper, using portrait format, as long as the content is not changed materially. When printing this form, you

must use the "shrink to fit" option in the Adobe Acrobat print dialogue box.

Instructions

The lender should retain this form in its mortgage file. If we select a specific mortgage for an underwriting performance review, a copy of this form should be

used to transmit the documentation we request.

This one-page form consists of four sections. All sections should be completed. Each section of the form is discussed below, with instructions provided for

certain fields in instances in which they may be needed for clarity or to emphasize the need for proper completion of a specific field.

Section I. Borrower and Property Information

This section includes basic information related to the borrower and the property. Most fields are self-explanatory. In addition, the following special

instructions apply:

Field Special Instructions

Stable Monthly Income

The entry for "Positive Cash Flow (subject property)" is either the net cash flow for an investment property or the monthly

operating income for a two- to four-unit property in which the applicant occupies one of the units, if the value is positive.

Proposed Monthly Payments

The housing expense itemization relates only to the "Borrower's Primary Residence," regardless if it is the subject property

of this transaction. When the subject property is a two- to four-unit property in which the borrower will occupy one unit as a

primary residence (sometimes referred to as principal residence), enter the payment in these fields. When the subject

property is an investment property or second home, the payment shown in these fields should relate to the borrower's

primary residence and not for the subject property in this transaction. The entry for "Negative Cash Flow (subject property)"

under "Other Obligations" is either the net cash flow for an investment property or the monthly operating income for a two- to

four-unit property in which the applicant occupies one of the units, if the value is negative.

Qualifying Ratio

The "Primary Housing Expense/Income" ratio is not required. However, if included, it should be determined by dividing the

"Total Primary Housing Expense" derived under "Proposed Monthly Payments" by the "Total Income" for all applicants. To

determine the "Total Obligations/Income" ratio, divide the "Total All Monthly Payments" derived under "Proposed Monthly

Payments" by the "Total Income" for all applicants, as developed under "Stable Monthly Income."

Field Special Instructions

Property Type

For "Property Type," check all that apply. For example, when the subject property is a detached condominium unit, check both

"1-unit" and "Condominium."

Project Classification

Check the appropriate project acceptance review type based on the descriptions provided in the Selling Guide (as amended by

Announcements 07-18, 08-34, and 09-21).

Additional Property

Information

When "Property Type" is shown as "2- to 4-units," indicate the actual number of units in the section, "Additional Property

Information."

Section II. Mortgage Information

This section includes information related to the mortgage. When subordinate financing behind a first mortgage is a home equity line of credit (HELOC),

enter both the amount drawn and the credit limit for the loan. The amount drawn must be included in the CLTV/TLTV calculation (Section III) and the credit

limit must be included in the HCLTV/HTLTV calculation (also in Section III).

Section III. Underwriting Information

This section includes additional information used in underwriting the mortgage. Most fields are self-explanatory. However, additional information is

presented below about specific fields that may help the lender to better understand what should be entered in the fields.

Instructions Page 1 of 2

Instructions, Continued

Instructions Page 2 of 2

Field Special Instructions

Qualifying Rate

Indicate the interest rate that was used to calculate the monthly payment at which the borrower was qualified for the

mortgage. When the payment is based on the actual interest rate of the mortgage, check the "Note Rate" box. When we

require the borrower for an adjustable-rate mortgage to be qualified at the maximum interest rate that could be in effect at

the end of the first year, check the box that shows "_____% Above Note Rate _____%" and enter the annual interest rate

cap in the first blank and the resulting interest rate in the second blank. When a mortgage is subject to a temporary interest

rate buydown plan and we permit the borrower to be qualified at the bought down rate, check that box and enter the

applicable "Bought-Down Rate." If the fully indexed rate was used for qualifying the borrower, the "Other" box should be

checked.

Level of Property Review

Indicate the level of fieldwork performed to support the sales price or market value (for example, the appraiser inspected

both the interior and exterior of the property, the exterior only, or an appraisal was not required in the particular transaction).

Indicate the number of the appraisal form used based on the type of inspection and/or the type of property being appraised.

Section IV. Seller, Contract, and Contact Information

This section includes basic information related to the mortgage seller, the contact person for a specific mortgage loan, and the commitment under which the

mortgage is delivered. Although a specific space is not provided in this section for the contact's e-mail address, the seller may add it in the "Contact Phone

Number" field.