Uniform Underwriting and Transmittal Summary Interactive (Form

Uniform Underwriting and Transmittal Summary
I. Borrower and Property Information
Borrower Name
Co-Borrower Name
Property Address
Property Type
Project Classification
 1 unit
Freddie Mac
 2- to 4-units
 Streamlined Review
 Condominium
 Established Project
 Co-op
 NewProject
 Manufactured Housing
 Detached Project
 Single Wide
 Multiwide  2- to 4-unit Project
 Reciprocal Review
Occupancy Status
Fannie Mae
 Primary Residence
 P Limited ReviewNew Detached  E PUD
 1 Co-op  Second Home
 Q Limited ReviewEstablished
 2 Co-op  Investment Property
 RExpedited ReviewNew
 T Co-op
 S Expedited Review Established
 T Fannie Mae Review
 UFHA-approved
 V Refi Plus™
CPM Project ID# (if any)
Project Name
II. Mortgage Information
Amortization Type
Loan Purpose
 Conventional
 Fixed-Rate—Monthly Payments
 Purchase
 Fixed-Rate—Biweekly Payments
 Cash-Out Refinance
 VA
 Balloon
 Limited Cash-Out Refinance (Fannie)
 ARM (type)
 No Cash-Out Refinance (Freddie)
 Other (specify)
 Home Improvement
 Construction to Permanent
Note Information
Mortgage Originator
Original Loan Amount
 Seller
 Yes
Initial P&I Payment
 Broker
 No
Initial Note Rate
 Correspondent
Loan Term (in months)
Broker/Correspondent Name and Company Name:
III. Underwriting Information
Underwriter’s Name
Appraiser’s Name/License #
Base Income
Other Income
Positive Cash Flow
(subject property)
Total Income
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
Qualifying Ratios
Primary Housing Expense/Income
Total Obligations/Income
Debt-to-Housing Gap Ratio (Freddie)
Qualifying Rate
 Note Rate
% Above Note Rate
% Below Note Rate
 Bought-Down Rate
 Other
Risk Assessment
 Manual Underwriting
 DU  LP  Other
AUS Recommendation
LP Doc Class (Freddie)
Representative Credit/Indicator Score
Underwriter Comments
Loan-to-Value Ratios
Present Housing Payment:
Proposed Monthly Payments
Borrower’s Primary Residence
First Mortgage P&I
Second Mortgage P&I
Hazard Insurance
Mortgage Insurance
HOA Fees
Lease/Ground Rent
Total Primary Housing Expense
Other Obligations
Negative Cash Flow
(subject property)
All Other Monthly Payments
Total All Monthly Payments
Borrower Funds to Close
Verified Assets
Escrow (T&I)
 Yes  No
$ 0.00
$ 0.00
Source of Funds
No. of Months Reserves
Interested Party Contributions
Community Lending/Affordable Housing Initiative
 Yes  No
Home Buyers/Homeownership Education Certificate in file
 Yes  No
Contact Name
Contact Title
Contact Phone Number
Investor Loan No.
Seller Loan No.
Freddie Mac Form 1077
Level of Property Review
 Exterior/Interior
 Exterior Only
 No Appraisal
Form Number:
IV. Seller, Contract, and Contact Information
Seller Name
Seller Address
Seller No.
Lien Position
 First Mortgage
Amount of Subordinate Financing
(If HELOC, include balance and credit limit)
 Second Mortgage
If Second Mortgage
Owner of First Mortgage
 Fannie Mae
 Freddie Mac
 Seller/Other
Original Loan Amount of First Mortgage
Appraisal Company Name
Stable Monthly Income
Additional Property Information
Number of Units
Sales Price
Appraised Value $
Property Rights
 Fee Simple
 Leasehold
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Fannie Mae Form 1008
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.
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.
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:
Property Type
Project Classification
Additional Property
Special Instructions
For "Property Type," check all that apply. For example, when the subject property is a detached condominium unit, check both
"1-unit" and "Condominium."
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).
When "Property Type" is shown as "2- to 4-units," indicate the actual number of units in the section, "Additional Property
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.
Special Instructions
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.
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
Proposed Monthly Payments 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.
Stable Monthly Income
Qualifying Ratio
Instructions Page 1 of 2
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."
Instructions, Continued
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
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.
Instructions Page 2 of 2