The most recent version of the uniform Residential Loan Application (URLA) has been published. According to the current schedule, acceptance of the form by FNMA and FHLMC will begin September 1, 2020, and use of the new form will be mandatory on November 1, 2020. The current version of the URLA will no longer be accepted on or after November 1, 2020.
The 2019 effort by FNMA and FHLMC to implement a new URLA was a disaster. Hopefully their 2020 effort is planned and implemented in a more professional manner.
The revised forms, including the Borrower Information (nine pages in length), the Additional Borrower, the Unmarried Addendum, the Lender Information, and the Continuation Sheet are available here.
Compliance Resource, LLC is providing a two-hour webinar entitled Content and Use of the 2020 Uniform Residential Loan Application on Wednesday March 4, 2020 from 11:00 am – 1:00 pm EST.
