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Supreme Being
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| There are many other forms that are letter size. Did you not have the same issue when the loan application was legal size?
Bryan
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Supreme Being
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| | Personal opinion: We should eventually have the option of printing everything on letter-sized paper. Most of the forms that we use are now on letter-sized paper anyway. It uses up less paper, isn't such a hassle to email and get borrowers to print it out and sign it, allows us to use smaller filing cabinets, buy less expensive folders, and it makes it easier to record documents. I have noticed some counties trying to discourage us from using legal-sized paper and there is a definite trend toward letter. On the other hand, it did take me a couple of weeks to get used to the different format but it wasn't terribly difficult. I understand the desire to stay with status quo. I have gone through at least 5 different versions of the 1003 since 1979. It gets longer each time but life is more complicated. The current 1003 is still missing some fairly crucial information (like who owns an asset or liability). Standardization will make the whole process easier.
- Mike
mike@mtig.biz |
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| | As stated by others, Fannie and Freddie (and FHA/VA for that matter) have stated that it's OK to reformat the 1003 as released by them on letter size to a different format, such as legal, as long as the information is preserved. You (I'm replying to the post by Bryan Telford of Calyx above, so referring to Calyx). have done some of that reformatting. The original format as released by Fannie in Ann. 05-05, Attachment 2, did not have logical page breaks matching section breaks. For example, IV Employment Information, began on page 1 and continued on page 2. You have at least reformatted the application so that a section ends at the bottom of the page, and a new section begins at the top of the next page. For my part, the major objections that I have to the letter size format are: (1) That the rest of the industry is using the legal form. (2) The 1003 was designed to be completed by the loan officer in the presence of the borrower (see the first sentence at the top of page 1); however many times we mail it to the borrower to complete and mail back. A 4 page legal form (3 really since the borrowers don't generally put comments on page 4) is what the borrowers are used to if they've applied for a mortgage before and in my opinion, is less intimidating to new borrowers than a 5 page form. A 4 page legal form appears to be less work to do than a 5 page letter form. I would favor reformatting it to legal size again. Pat
Pat |
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