FANNIE RELEASES REVISED 1003

Fannie Mae released Tuesday, August 23rd, the publication of the redesigned Uniform Residential Loan Application (URLA) – Fannie Mae Form 1003.  The newly redesigned URLA is a 7-page interactive pdf document that contains drop-down menus as well as totals for the calculation of certain sections.   In addition, the following components are included: borrower information, additional borrower, unmarried addendum, lender loan information, and a continuation sheet.  Instructions are included to assist in the completion of the URLA and a sample application for both a purchase and refinance transaction were also released.

The updated URLA was redesigned taking the new HMDA Demographic data collection rules into consideration by including the updated demographic component required by HMDA.  The new version of the URLA may not be utilized until January 1, 2018, although Fannie has not yet released the date the form is required to be used.

The CFPB is completing a final review of the new URLA to ensure compliance with the safe harbor under Regulation B – Equal Credit Opportunity Act.  Due to this review, there may be additional updates to the published document.

You may see a full version of the new URLA and supporting documents at the following link:  https://www.fanniemae.com/singlefamily/uniform-residential-loan-application.

 

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