Archive

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 […]

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REGULATORY DEADLINE REMINDERS

July 1, 2019 is the effective date for two major compliance events. This is a reminder that some of you have a lot of work to complete in the next 20 business days. Mandatory Acceptance of Private Flood Insurance – Starting on Monday July 1, 2019 all financial institutions must be in compliance with the new Mandatory Purchase Requirements for Private Flood Insurance. By that date your policy and procedures must be updated and your […]

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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 […]

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PROPOSED CHANGES TO REGULATION B

The CFPB released proposed changes to Regulation B on Friday, March 24th.  The proposal, a mere 56 pages, is designed to permit creditors additional flexibility in complying with Regulation B, in order to facilitate compliance with Regulation C – HMDA.  This proposal was not unexpected. In October 2015, the CFPB issued final rules to implement changes to Regulation C that allow an applicant to self-identify using disaggregated ethnic and racial categories.  These rules are generally […]

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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 […]

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