Update to Form 1055, Mortgage Bankers Financial Reporting Form
Freddie Mac has worked with Fannie Mae, Ginnie Mae and the Mortgage Bankers' Association (MBA) to update the Mortgage Bankers' Financial Reporting Form to reflect current financial reporting standards, and implement a number of significant improvements to facilitate the reporting of financial information.
In connection with our August 15 Single-Family Seller/Servicer Guide Bulletin, we have updated Form 1055, the Mortgage Bankers' Financial Reporting Form.
The changes to the Mortgage Bankers' Financial Reporting Form (Form 1055), effective for entities reporting on or after October 1, 2008 for WebMB 3rd Quarter, primarily reflect:
- the adoption of many new accounting pronouncements since the last update to the Form 1055, including Statement of Financial Accounting Standard (FAS) 140, 142, 149, 156, 157, 159 and 160 and Financial Accounting Standards Board Interpretation No. (FIN) 45;
- adjustments to improve reporting for other accounting pronouncements, including FAS 5, 65, 91 and 133;
- the separation of multifamily/commercial data from "other" business activities such as residential portfolio management; and
- the collection of additional origination and servicing-related revenue, expense, and volume data.
Should you have questions regarding these changes, please contact the WebMB Administrator at firstname.lastname@example.org or call (866) 479-2266 x207 toll free.
Please note that while Form 1055 has been revised, our submission requirements for the form remain the same. Please refer to the Single-Family Seller/Servicer Guide Section 4.5 for Form 1055 submission requirements.