The Uniform Residential Loan Application (URLA) form for the mortgage industry is undergoing change for the first time in 20 years. Also known as the Freddie Mac Form 65 / Fannie Mae Form 1003, URLA is a standardized document used by borrowers to apply for loans.
Borrowers are now required to provide additional information to help make underwriting decisions. To ensure consistent data delivery, corresponding changes in MISMO (Mortgage Industry Standards Maintenance Organization) v3.4 dataset, a.k.a. the Uniform Loan Application Dataset (ULAD) have also been made. The updated URLA has additional data point collection requirements but uses simplified terminology, making it easier for borrowers to complete.
Lenders can begin using the redesigned URLA for new loan applications starting July 1, 2019. Using the new form becomes mandatory on February 1, 20201.
If not already, lenders should be in the final planning for the new URLA and its impact to systems and organizational change management. The four key steps lenders should take to implement the new URLA are:
We at Wipro Gallagher Solutions, are focused on educating our customers, partners and prospective clients on the significant impacts that the new URLA may have on their organizations. Watch our webinar to understand in detail, the key steps lenders should take to implement the new URLA.
Reference
Paul Christison
Wipro Gallagher Solutions Compliance Delivery Manager
Paul joined Wipro in July 2011 with more than 20 years of experience in mortgage operations, executive leadership, compliance and IT solutions. Following his passion for IT lending solutions, he holds SCRUM Master, LEAN, 6Sigma Yellow Belt and Para Legal Certificates. Personal Mission: Delivering forward thinking, industry leading solutions that make users say, “Wow!”