- Business Rules
Ellie Mae Offers Resources, Training and Education in Support of the Redesigned Uniform Residential Loan Application and New Data Required for Desktop Underwriter® and Loan Product Advisor® Uniform Loan Application Dataset
Industry-wide change impacts all lenders; Leadership offers time to prepare in advance of key deadlines
PLEASANTON, Calif. – October 15, 2018 – Ellie Mae® (NYSE:ELLI), the leading cloud-based platform provider for the mortgage finance industry, announced today a series of new initiatives aimed at educating clients, partners and prospective clients on the significant impacts of the redesigned Uniform Residential Loan Application (URLA) on their organizations.
The redesigned URLA was developed by Fannie Mae and Freddie Mac (the GSEs) in partnership with the mortgage industry with the goal to provide greater efficiency, transparency and certainty for consumers applying for mortgage loans. The use of the new URLA is required by the GSEs for all lenders to originate loans eligible for sale to the secondary market and to satisfy the safe harbor requirements of the Equal Credit Opportunity Act (ECOA). Lenders may use the new URLA starting July 1, 2019, although the GSEs will not require it until on or after February 1, 2020 for new loan applications.
The goals of the new URLA are:
- Greater efficiency, transparency and certainty
- Cleaner overall look and feel of the loan application
- Consistent and simplified organization of fields and labels
- Clearer upfront instructions to enable borrower self-service
- Defined separation of borrower and lender information
- Defined separation of individual borrower applications within a loan package
- New and updated fields to reflect today's mortgage lending business, with obsolete fields removed
- Includes 2018 HMDA Demographic Data, retiring the Demographic Information Addendum
"The loan application is an integral part of the loan manufacturing process and the application hasn't changed much in the last 20 years," said Joe Tyrrell, executive vice president, corporate strategy at Ellie Mae. "The changes that will be included in the redesigned URLA along with a new Automated Underwriting System (AUS) Specifications based on the MISMO v3.4 Reference Model will include modernization of data needed as part of this joint initiative by the GSEs, including fields as simple as the addition of email addresses and cell phone numbers. These changes, like any industry-wide update, will impact all lenders and Ellie Mae believes in providing training, education and resources well in advance of key deadlines to ensure that there is time to prepare."
Ellie Mae is leading the industry by providing support for the new URLA and the AUS Specifications by:
- Ensuring all Encompass portals are updated and compliant
- Creating new Encompass URLA input and output forms
- Support for the use of the URLA and the production of executable forms
- Support for new Desktop Underwriter® and Loan Product Advisor® data requirements
- Testing the redesigned URLA
As with all major industry changes, Ellie Mae is providing ongoing Education and Training: As with all major industry changes, Ellie Mae is providing ongoing resources, education and training for all changes in business process and software. These resources include:
- An URLA Webinar series: John Haring, director of product management at Ellie Mae and Amy Cross, senior product manager at Ellie Mae take a deeper look into Ellie Mae's implementation plan to support the redesigned URLA in this upcoming second webinar in the URLA series. Register here: http://engage.elliemae.com/Webinar-URLA-Part2-10252018_LP?medium=WebsiteEllieMae
- On-demand Webinar: The first webinar in the URLA webinar series included an overview of the industry change and Ellie Mae's plans to support the redesigned URLA in Encompass, as well as partner integrations. Watch the replay here: http://engage.elliemae.com/Webinar-URLA-Overview-Aug2018-OnDemandLP?medium=WebsiteEllieMae
- URLA FAQ: New to Compliance Central, the dynamic URLA FAQ addresses timelines, new and old fields, testing and more. Visit Compliance Central here: https://www.elliemae.com/resources/compliance-central
- Ellie Mae at MBA Annual: Subject matter experts will be available at the Ellie Mae booth (#519) at MBA Annual with more information.
About Ellie Mae
Ellie Mae (NYSE:ELLI) is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, reduce origination costs, and shorten the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call 877.355.4362 to learn more.
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