As we explained before, Fannie Mae & Freddie Mac (the GSEs) announced in June 2019 that the optional use period for the new version of the Uniform Residential Loan Application (URLA) and automated underwriting system (AUS) implementations would be postponed. In a more recent release, the GSEs explained that they have now been directed to make specific modifications to the redesigned URLA, which is going to delay the February 1, 2020 implementation date. The following changes will be made to the redesigned URLA:
The following questions will be removed from the redesigned URLA form. Instead, a voluntary consumer information form, which will not be part of the URLA form, will be developed to collect this information.
The Language Preference question (Borrower Information, Section 1a.)
The Homeownership Education and Housing Counseling question (Lender Loan Information, Section L5.)
In the Borrower Information, Section 6: Acknowledgments and Agreements, the statement on “Use and Sharing of Information" will be revised to address specific uses of borrower data.
The Military Service question (Borrower Information, Section 1a.) will be moved to a new section adjacent to Section 7: Demographic Information.
Minor edits for consistency and usability will be made throughout the URLA form.
The GSEs are expected to provide more information regarding a new implementation date at a later time.
The statement from the GSEs can be found here.
