12.11.15   •   Document Updates

New Documents and Programs: Borrower’s Authorization for Counseling (Cx5599) and optional Non-Borrower Household Income Worksheet (Cx20079) for FNMA HomeReady Programs

FNMA will be retiring MyCommunityMortgages (MCM) by the end of June 2016. MCM is being replaced with the new HomeReady Mortgage program. The following changes will be made in ConformX to support HomeReady Mortgages:

  • The print conditions of Borrower’s Authorization for Counseling (Cx5599) will be modified to print for all clients by default in all Closings when Print Authorization for Counseling (Field 100811) is “Yes”.
  • Borrower’s Authorization for Counseling (Cx5599) will be overridden by other versions of the form for clients and investors who already have alternate versions of the authorization printing in ConformX. Existing custom print conditions will not be modified unless requested.
  • My Community (Field 33774) will be renamed HomeReady/MyCommunity.
  • Print Authorization for Counseling (Field 100811) will be set to “Yes” globally when HomeReady/MyCommunity (Field 33774) is “Yes”.
  • The following new HomeReady mortgage loan programs will be added under Fannie Mae (FNMA) in ConformX to set the HomeReady/MyCommunity (Field 33774) to “Yes”, which will set Print Authorization for Counseling (Field 100811) to “Yes”, triggering Borrower’s Authorization for Counseling (Cx5599) to print:
  • 107004 HomeReady Conventional Fixed
  • 106996 HomeReady 5/1 LIBOR ARM Non-Convertible – 2/2/5
  • 106995 HomeReady 5/1 LIBOR ARM Convertible – 2/2/6
  • 107001 HomeReady 7/1 LIBOR ARM Non-Convertible – 5/2/5
  • 107000 HomeReady 7/1 LIBOR ARM Convertible – 5/2/5
  • 106992 HomeReady 10/1 LIBOR ARM Non-Convertible – 5/2/5
  • 106991 HomeReady 10/1 LIBOR ARM Convertible – 5/2/5
  • 106999 HomeReady 5/1 Treasury ARM Non-Convertible – 2/2/6
  • 106998 HomeReady 5/1 Treasury ARM Non-Convertible – 2/2/5
  • 106997 HomeReady 5/1 Treasury ARM Convertible – 2/2/5
  • 107003 HomeReady 7/1 Treasury ARM Non-Convertible – 5/2/5
  • 107002 HomeReady 7/1 Treasury ARM Convertible – 5/2/5
  • 106994 HomeReady 10/1 Treasury ARM Non-Convertible – 5/2/5
  • 106993 HomeReady 10/1 Treasury ARM Convertible – 5/2/5

Clients can also request Print Authorization for Counseling (Field 100811) to be set to “Yes” under other specific conditions to trigger Borrower’s Authorization for Counseling (Cx5599) to print in additional scenarios.

New optional FNMA Form 1019 HomeReady Non-Borrower Household Income Worksheet and Certification (Cx20079) will be available upon request. If added for a client, one copy of the form (including the instructions page) will print in Initial Disclosure packages unless otherwise requested, with basic loan information populated near the top of the form.

These changes will take effect on December 15, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

DR 189093 & TW 139709

Update: Fannie Mae has announced that the requirement to have the Borrower’s Authorization for Counseling form signed at closing has been rescinded. Specifics can be found in our recent post on the topic.

Update: After an audit of certain FNMA documents, Docutech has determined that the HomeReady Non-Borrower Household Income Worksheet and Certification (Fannie Mae Form 1019) is no longer required. As such we will be retiring Cx20079 from our generic offering.

This document was retired as a standard (added upon request) form on October 28, 2020. Questions or concerns about this change may be directed towards Client Support at 1.800.497.3584.

TW 315688