Nearly every mortgage application is collected on Form 1003 or Form 65 and the format has not changed significantly in the last 20 years. Fannie Mae and Freddie Mac, with the assistance of their regulatory body, the Federal Housing Finance Agency (FHFA), have significantly redesigned the form. The new form will be mandated for all loan applications sold to the GSEs beginning February 2020.
The redesigned URLA takes a design thinking approach, with dynamic form collecting and a presentation of data tailored to the individual borrower and loan scenario. The goal? To provide greater efficiency, transparency and certainty for future homebuyers applying for mortgage loans and greater consistency for lenders who sell to both Fannie Mae and Freddie Mac.
Ellie Mae is always ahead of any new compliance and industry change and the new URLA is no exception. We’ll help you fully understand the impact of the URLA and how it will affect your business processes.