Keeping Your Transition on Track as GSEs Delay the New URLA
In light of today’s high loan volumes and unpredictable environment due to the COVID-19 pandemic, the government-sponsored enterprises (GSEs) have announced they are delaying the mandatory use date of the redesigned Uniform Residential Loan Application (URLA) to March 1, 2021.
Given this announcement, we wanted to provide you with the most important dates from this timeline to ensure your seamless transition:
- March 9, 2020: Testing begins between vendors and GSEs
- August 1, 2020: Start of Limited Production pilot for select lenders/vendors (must demonstrate partner readiness and be pre-approved by Fannie Mae and/or Freddie Mac)
- January 1, 2021: Open Production period begins (previously referred to as Optional Use period)
- March 1, 2021: Start of Required Use
- March 1, 2022: Retirement Date after which no current URLA and loan application submission files based on previous AUS specifications will be accepted
During these fast-changing times, Ellie Mae is here to keep your seamless transition moving forward, so you can focus on what’s important today. We have already incorporated the URLA requirements across the Ellie Mae Digital Lending Platform in preparation for the November 2020 date and remain committed to supporting your URLA journey towards the new March 2021 date. Click here to explore our URLA resources and learn more about how Ellie Mae is ensuring your smooth transition.
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