WBK Industry News - Federal Regulatory Developments

GSEs Issue Joint Statement on URLA Implementation

Fannie Mae and Freddie Mac (the GSEs) released a joint announcement to notify lenders that they will begin accepting the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65) and MISMO v3.4 submissions to the GSEs’ automated underwriting systems on January 1, 2021.

As covered in a prior WBK article, the GSEs released an updated redesigned URLA form in 2019.  In addition, the GSEs also released an interactive version of the redesigned URLA.

The announcement includes a list of tasks lenders should complete as part of the transition.  Lenders must comply with the mandate to use the revised forms by March 1, 2021.