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RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

patf — Fri, 26 Oct 2007 18:23:41 GMT

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

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

Marcyjok — Wed, 17 Oct 2007 15:54:12 GMT

http://messageboard.calyxsupport.com/Topic6054-5-1.aspx

There is a poll about sizes of 1003.

thanks

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

mwm50 — Tue, 25 Jul 2006 11:20:48 GMT

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.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

Bryan Telford — Mon, 22 May 2006 19:59:29 GMT

There are many other forms that are letter size. Did you not have the same issue when the loan application was legal size?

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

funger17 — Mon, 22 May 2006 14:58:32 GMT

Yes this becomes very confusing when it comes to printing a set of documents. Is there any other way to simplify the process, rather than have to do 2 sets of printing, one for legal paper (transmittal, truth in lending, and gfe) and the rest in letter?

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

ameribanc — Fri, 17 Feb 2006 12:05:22 GMT

THANKS, I'LL BET WE'RE NOT THE ONLY ONES WHO WOULD LIKE THAT OPTION. I KNOW SEVERAL MORTGAGE BROKERS THAT WOULD TOO. WE ARE MORTGAGE LENDERS.

CHRIS

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

Bryan Telford — Fri, 17 Feb 2006 10:25:44 GMT

Currently in Point 5.2 there is no way to print the new loan application on legal. I will forward your feedback to the development team that you would like to print the new loan application on legal size.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

ameribanc — Fri, 17 Feb 2006 10:11:50 GMT

IS THERE A WAY TO PRINT ON LEGAL IN POINT? WE WOULD LIKE TO DO THAT, IF POSSIBLE.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

Bryan Telford — Fri, 17 Feb 2006 09:16:16 GMT

We added a "Go To" button which is available on each page of the loan application to make finding your section less painful. It takes some getting used to with the new layout. I've worked at Calyx for 8 years and it took me a while to get used to the new layout too. But I find it easier now because sections logically relate to each other, for example employment and income are grouped on the same page, liabilities and REOs are together.

As I said, the legal size is still acceptable. Ellie Mae opted to keep the legal document, and it's perfectly acceptable by Fannie and Freddie.
http://www.efanniemae.com/sf/formsdocs/forms/1003.jsp
http://www.freddiemac.com/sell/forms/docs/080205indltr_body.html

Both agencies said as long as the data was not altered that legal or letter was fine. Calyx opted for letter size because printing the document is more user friendly. Legal size is somewhat going away.

Do you want the option to print letter/legal?

Thanks for your feedback.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

ameribanc — Fri, 17 Feb 2006 08:51:51 GMT

THE MOST ANNOYING THING, I GUESS, IS #4- WE HAVE TO SEARCH AROUND FOR THE SECTION WE WANT TO WORK ON BUT THEY'RE NOT IN THE SAME PLACE AS BEFORE SO IT TAKES LONGER TO LOOK FOR THE CORRECT PART OF THE 1003.

THE SECOND WOULD BE #3.

THE THIRD WOULD BE #1

THE FOURTH WOULD BE #2.

WHY IS IT THAT ENCOMPASS CAN STILL PRINT OUT THE SAME AS THE OLD VERSION, ALL LEGAL PAGES, SAME NUMBER OF PAGES?

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

ameribanc — Fri, 17 Feb 2006 08:48:10 GMT

THAT CAN'T BE TRUE. WE ALSO STARTED USING ENCOMPASS IN THE LAST COUPLE OF MONTHS AND THEY STILL PRINT OUT LIKE THE OLD ONES, ALL LEGAL SIZE, EXACTLY LIKE THE OLD ONES. THEY ARE PART OF ELLIE MAE.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

Bryan Telford — Thu, 16 Feb 2006 23:28:37 GMT

There is no way to change it back to legal at this time. Letter size was the preferred choice by Fannie and Freddie because it's a more user-friendly format than legal, that's why they only published letter size on their website. But they still accept the final 1003 in legal size format.

Can you rank the dislikes you have about the letter size 1003, in order of the strongest dislike first, and the weakest one last?

1) odd number of pages (5 pages instead of 4).
2) spacing of the data on the pages
3) layout of the sections of the letter-size 1003
4) other _________________________________

I would like to hear your feedback. Thanks.

RE: NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

mlee — Thu, 16 Feb 2006 16:28:44 GMT

Fannie and Freddie published the revised 1003 on letter size only

NEW 1003 RE CONFIGURATION ON LETTER SIZE PAPER

ameribanc — Thu, 16 Feb 2006 14:51:08 GMT

THERE ARE ABOUT 8 OF US IN OUR OFFICE THAT HAVE USED POINT FOR A FEW YEARS. I HAVE USED IT FOR OVER 15 YEARS. WE ALL HATE THE REFORMATTED SHORT PAPER VERSION. IS THERE ANY WAY WE CAN CHANGE IT BACK TO LEGAL SIZE FORMAT?

CHRIS