Archive

REVISED, REVISED URLA

The most recent version of the uniform Residential Loan Application (URLA) has been published.  According to the current schedule, acceptance of the form by FNMA and FHLMC will begin September 1, 2020, and use of the new form will be mandatory on November 1, 2020.  The current version of the URLA will no longer be accepted on or after November 1, 2020. The 2019 effort by FNMA and FHLMC to implement a new URLA was […]

URLA CHANGES AND DELAY OF MANDATORY COMPLIANCE DATE

At the direction of the Federal Housing Finance Agency (FHFA), the Government Sponsored Enterprises (GSEs) will be making specific modifications to the Uniform Residential Loan Application (URLA) form. As a result, FHFA and the GSEs are postponing the February 1, 2020 mandatory compliance date of the URLA form and Automated Underwriting System (AUS) datasets to allow time for the industry to implement these modifications. A new effective date has not been set. In June, we […]

URLA DELAYED, CHANGES PENDING

At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac are communicating that the optional use period for the redesigned Uniform Residential Loan Application (URLA) form and corresponding datasets will not begin on July 1, 2019 as previously scheduled. The effective date of the form will be revised and an updated version will be provided at a later date. The revised Uniform Residential Loan Application was initially scheduled to be […]

URLA – THE MOST RECENT OFFICIAL APPROVAL

On November 20, 2017 the Consumer Financial Protection Bureau (CFPB) published its most recent Official Approval of the redesigned Uniform Residential Loan Application (URLA) to include an applicant language preference question. The first Official Approval of the URLA, which was issued by the CFPB on September 23, 2016: • Clarified that the relevant language in the redesigned URLA is in compliance with the regulatory provisions of Regulation B § 1002.5(b) through (d), regarding requests for […]

FHFA ADDS LANGUAGE PREFERENCE QUESTION TO URLA

Recently the Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the redesigned Uniform Residential Loan Application (URLA).  This question will enable borrowers who prefer to communicate in a language other than English to identify that language.  It also provides clear disclosures that the mortgage transaction is likely to be conducted in English and that language resources may not be available. The addition of this question is part of […]