What is Ellie Mae doing about the recently announced changes and timeline for the new URLA?
Ellie Mae and the GSEs (Fannie Mae and Freddie Mac) have strategic partnerships and have remained in constant communication on many industry topics including the new Uniform Residential Mortgage Application (URLA). On December 18, 2019 the GSEs announced the new planned implementation timeline for the new URLA based on the form changes announced in October 2019. In summary, lenders may choose to use the updated URLA starting in June 2020. The GSEs will require applications taken after November 1, 2020 be on the new form. Most of the updates have already been released in the 19.3 and 19.4 releases in the Encompass Digital Lending Platform Major Releases launched in the last half of 2019. Ellie Mae is also assessing the impacts that these changes will have on our partner integrations, including the AUS engines used by Fannie Mae and Freddie Mac. Our product plan is the make the new URLA generally available early May 2020 to provide these updates with the 20.1 Major Release. Testing on the new URLA may be done in advance of the 20.1 release. For more specific information about these updates, here is the link to the announcement.