The new Uniform Residential Loan Application (URLA) brings significant
changes to a document that has remained largely unchanged for nearly 20 years.
It is a form the financial industry knows well and relies on every day. While
these changes are expected to make the form more efficient and consumer friendly
than the current version, there will likely be issues that should be considered
throughout the implementation process. Don’t be caught off guard by the
significant changes to this document.
Although the industry is waiting
for Fannie Mae and Freddie Mac to provide a new effective date, now is the time
to start planning for implementation. Join us for this line-by-line review of
the new form and obtain implementation tips to ensure your staff is ready.
- Additional fields on the revised URLA
Analysis of loan purpose and how it relates to HMDA and TRID
- Implications for Regulation B
- Capturing information on multiple
- How to handle collection of new disaggregated
- Implementation tips
Michael Brode, Brode Consulting Services, Inc.