We know you’ve been patiently waiting, so we wanted to update you on the status of the redesigned Uniform Residential Loan Application (URLA / Form 1003). You may recall the URLA was completely redesigned to support changes in regulatory (for example, HMDA) and underwriting requirements a little over three years ago but implementation of the new URLA has been pushed back several times. Well, on December 18th, Fannie Mae and Freddie Mac announced a new timeline for implementation of the URLA as well as updated datasets for automated underwriting systems (AUS).
Financial institutions will be required to use the new URLA and AUS specifications beginning on November 1, 2020. There will; however, be a pipeline transition period for 12 months. Any applications that are received prior to the November 2020 deadline that were submitted using the old legacy format may be completed on the previous URLA, even after the mandate date. However, this transition period ends on November 1, 2021 and the current URLA and submissions based on the legacy AUS specifications will no longer be accepted.
We encourage you to check out the URLA page on Fannie Mae’s website as it contains helpful information and tools related to the URLA. You will find an updated implementation timeline that outlines key deadlines, links to the current and new forms, and more.
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Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.
Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).