Freddie Mac Form 1077 - Uniform Underwriting And Transmittal Summary Page 2
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3Instructions
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.
Copies
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.
Instructions
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:
Field
Special Instructions
For "Property Type," check all that apply. For example, when the subject property is a detached condominium unit, check both
Property Type
"1-unit" and "Condominium."
Check the appropriate project acceptance review type based on the descriptions provided in the Selling Guide (as amended by
Project Classification
Announcements 07-18, 08-34, and 09-21).
Additional Property
When "Property Type" is shown as "2- to 4-units," indicate the actual number of units in the section, "Additional Property
Information
Information."
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.
Field
Special Instructions
The entry for "Positive Cash Flow (subject property)" is either the net cash flow for an investment property or the monthly
Stable Monthly Income
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.
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
Qualifying Ratio
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 Page 1 of 2
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