URLA Reference Guide
Revised Implementation Timeline Update
Redesigned Uniform Residential Loan Application (URLA)
Due to the current situation regarding COVID-19, the GSEs have published the revised implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and updated automated underwriting systems (AUS). Here are the dates you need to know:
Optional Use Period: January 1, 2021
Mandatory Industry Use: March 1, 2021
What is URLA?
The URLA (also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document provided by Fannie Mae and Freddie Mac that is used by borrowers to apply for a mortgage. The URLA form is currently being redesigned to support the industry’s move to digitize the loan origination process as well as improve the borrower and lender experiences.
New URLA Features
- Modernization: The form includes fields for email addresses, mobile phone numbers, along with multiple spaces for current and past employers and additional income. The new forms have a cleaner, more streamlined look to encourage more borrower self-service.
- Underwriting Support: The new form supports the collection of loan application details that are relevant and useful in making underwriting decisions. The information that a borrower must provide, acknowledge, and agree to, has been separated from the information the lender collects and verifies during the processing and underwriting of the loan.
Dynamic Forms: The length of the redesigned URLA will vary depending on the number of borrowers, the type of loan and the type of transaction. Forms and sections are now expandable and collapsible to keep all relevant information in context and eliminate the need for separate, out-of-sequence continuation pages.
Uniform Loan Application Data (ULAD): The URLA is supported by the new ULAD dataset, that maps to the Mortgage Industry Standards Maintenance Organization® (MISMO®) Version 3.4 reference model to enable lenders to exchange all the required information in today’s marketplace.
Languages: The new form surveys borrowers on their language preferences, including selections for English, Chinese, Korean, Spanish, Vietnamese and others.
Unmarried Addendum: An unmarried addendum helps further define relationships between borrowers as well as others with interest in the property.
Lenders may begin submitting loan application production files starting January 1, 2021. Lenders will be able to submit their existing datasets until March 1, 2021. New applications dated March 1, 2021, or later must use the new AUS datasets based on MISMO v3.4.
MANDATORY INDUSTRY USE: March 1, 2021
A sample interactive form can be found here.
- Fannie Mae Publications, Resources and Reference Materials
- Freddie Mac Publications, Resources, and Reference Materials