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Big changes are coming to URLA. We’ve got you covered!

  •  By Lucas Mast

Anxious about the upcoming new Uniform Residential Loan Application (URLA)? Fear not! We’ve just launched a series of new initiatives aimed at educating clients, partners and prospective clients on the significant impacts that URLA may have on their organizations. 

The new URLA was developed by the GSEs (Fannie Mae and Freddie Mac) in partnership with the mortgage industry to provide greater efficiency, transparency and certainty for consumers applying for mortgage loans. The use of the new URLA is required by the GSEs for all lenders to originate loans eligible for sale on the secondary market, and to satisfy the safe harbor requirements of the Equal Credit Opportunity Act (ECOA). Lenders may begin testing the new URLA starting in July 2019, however, the GSEs will not require such usage for new loan applications until February 1, 2020.

The new URLA will provide:

  • Greater efficiency, transparency, and certainty
  • Cleaner overall loan application look and feel
  • Consistent and simplified organization of fields and labels
  • Clearer upfront instructions to enable borrower self-service
  • Defined separation of borrower and lender information
  • Defined separation of individual borrower applications within a loan package
  • New and updated fields to reflect today’s mortgage lending business, with obsolete fields removed
  • 2018 HMDA Demographic Data, retiring the Demographic Information Addendum

Ellie Mae is leading the industry by providing support for the new URLA by:

  • Ensuring all Encompass portals are updated and compliant
  • Creating new Encompass URLA input and output forms
  • Providing support for use of the Uniform Loan Application Dataset (ULAD) and the production of executable forms
  • Providing support for new Desktop Underwriter® and Loan Product Advisor® data requirements
  • Testing the new URLA 

We are also providing ongoing resources, education and training for all changes in business processes and software. These resources include:

  • URLA Webinar Series:
    • Watch a replay of the first installment in our URLA Webinar Series, which included an overview of industry changes and Ellie Mae’s plans to support the new URLA. Watch here.
    • In our second installment, take a deep dive into Ellie Mae’s implementation plan to support the new URLA. Watch now.
    • Looking for more resources? Check out our five-episode training video series to see how these changes will impact your workflows and get the guidance to prepare for a successful transition. Watch now.
  • URLA FAQ: New to Compliance Central, this FAQ addresses timelines, new and old fields, testing and more. Visit Compliance Central here.

We encourage you to take advantage of these resources to prepare your organization for optimal use of the new URLA. We’re always here to help!

Stay connected by joining our “I LOVE URLA” email list for the latest URLA updates.