Fannie Mae and Freddie Mac (the “GSEs”) have announced the publication of the redesigned Uniform Residential Loan Application (“URLA”). These updates are the first material revision to the forms in over 20 years. The key changes include simplified technology, a new layout, and new data fields. Lenders may (but are not required to) begin using the new form on January 1, 2018.
The new URLA will become effective in tandem with the expanded HMDA data collection that will be required starting January 1, 2018. For lenders that will not have transitioned to the new URLA by January 1, 2018, Fannie and Freddie have also issued a separate Demographic Information Addendum to the current URLA. Lenders who utilize the addendum will need to cross-out or delete Section X on the current URLA.
The GSEs plan to provide additional implementation timeline and updates in the coming months.
The GSE announcement is available here: https://www.fanniemae.com/content/news/urla-announcement-august-2016.pdf.