URLA Updates, The Top Things for Lenders to Know

1 0

It’s been a little over six months since LoanLogics last shared some insight on the upcoming redesign of the GSE uniform residential loan application (URLA) here on blogics.  With effective date now slated for November 1, 2020 (see URLA Implementation timeline changed below**), it’s a good time to discuss the change further:

• Changes being made to the form
• Things lenders can do to prepare
• Preparations LoanLogics continues to make to be prepared

Summary of Changes to the URLA form

1. A more modern, sleek appearance that is intended to present information digitally collected rather than by hand, like the original form.
2. As borrower information details grow in support of the loan application, the form is conditional to capture specific details.
3. Multiple borrowers can be added to the loan without adding extra pages.
4. Ninety-four new data points are now available on the new application, expanding the collection of borrower information.
5. The new dataset that supports the Uniform Loan Application Data Set (ULAD), is based on the MISMO 3.4 Reference Model.

Begin to prepare

1. Engage existing and new technology vendors about their readiness, particularly doc prep and system of record providers. 
2. Establish training programs for both internal users and borrowers who will engage with the new form.
3. Continue to stay abreast of updates and educate yourself with resources provided by the GSEs (FNMA and FHLMC), industry news outlets and blogs like blogics.

Preparations LoanLogics is making to prepare for the new URLA

1. The new form has been defined to our IDEA platform
2. Quality rules have been added and expanded for the new information
3. The presentation of the new form in our audit platforms has been designed to follow the new sectional design

Keep on the lookout for additional updates from LoanLogics on URLA here on b-Logics.  Should you have any questions, don’t hesitate to reach out to us at loanlogicsinfo@loanlogics.com.

**Since this original post date, URLA dates have changed to the following:

• Extended URLA Implementation Timeline:
• August 1, 2020: Limited Production Begins.
• January 1, 2021: Open Production Begins.
• March 1, 2021: Mandate and Pipeline Transition Period Begins.
• March 1, 2022: Retirement Date of old form.

About the Author

LoanLogics