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Originally founded in 1999
under the name Power Processing and
renamed
in 2003, Power Training has made a
fast reputation as a leader in
educational workshops for mortgage and
real estate professional. Need
success? Power Training's material is proven.
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2018/2019 SAFE Required Continuing Education has started!
SAFE required NMLS approved continuing education has started. The hot topics for this year are 50 years of Fair Housing, Cyber Crime, Social Media and Credit Alerts and Freezes.
Take a glance at our website for a class near you. Public classes are in blue.
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Fannie Mae announces delay in release of the new application
Fannie Mae announced in September that the new application, affectionately known as the ""1003" will not be released until 2020!
Memorandum states "industry feedback" as the reason for the delay in implementation. I can't possibly imagine what "feedback" they could be talking about.
Maybe the fact that in it's written format, it is at least 7 pages.
Maybe the fact that it is solely for one borrower and even married couples that have even one account that is NOT joint will have to complete two separate applications. I doubt the Additional Borrower Addendum would ever have a chance to be used.
Maybe that there is no monthly payment or payment shock comparison grid, nor cash to close. A borrower will have to solely depend on the pre-TRID worksheet for this information.
There are several positives though, the contact information for the borrower is much better and allows for a borrower's work phone number and not just Human Resources. Also adds fields for a cell phone and email that actually print on the application and not kept within our LOS.
The self employment check box will be replaced with radial buttons indicating ownership percentages which will more evenly distribute risk in automation. This will turn some of the "refers" we get today for borrower's that are 100% commissioned into approved eligible.
The biggest concern voiced in class has been the deletion of the follow up child support, alimony, separate maintenance question in the Declarations section. Many feel this will open up the borrower's ability to miss seeing the opportunity to inform us of this debt and then have it show up in the bank statements or on the pay check stubs. Or worse, show up on the credit report.
Beta testing will begin in 2019. Updates to follow as they are known.
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© 2019 Power Training. All rights reserved.
