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Are you prepared for the new Uniform Residential Loan Application?

Breaking down the fundamental revisions into simple categories.
After 20 years, the Uniform Residential Loan Application(URLA- Fannie Form 1003/ Freddie Form 67) is getting a major update for the better -- but it will be disruptive. Are you ready?

Initiated in part by GSE's Uniform Mortgage Data Program (UMDP) under the direction of the Federal Housing Finance Agency (FHFA), and rolled out by Fannie Mae and Freddie Mac, the new updates will standardize single-family mortgage data. It is designed to improving the efficiency, transparency, and certainty for homebuyers and better consistency for lenders in the mortgage process. The new URLA may be used for new loan applications starting July 1, 2019 but will be mandatory by February 1, 2020.

The required changes will be disruptive at first but it will move the lending industry deeper into the digital age. It is advised that lenders start taking action now to prepare for the upcoming revisions. Tech vendors have already planned ahead in …

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