Fannie (FNMA), Freddie (FMCC) Debut Redesigned Uniform Residential Loan Application
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- Barclays Downgrades Apple (AAPL) to Equalweight, Concerned India/China Will not Emerge As Growth Catalysts
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- SAP (SAP) Q4 IFRS Revenues Rises 7%, Boosts 2020 Outlook
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) announced the publication of the redesigned Uniform Residential Loan Application (URLA), the standardized form used by borrowers to apply for a mortgage loan. This is the first substantial revision made to the form in more than 20 years and the changes will allow lenders to deliver an easier, more consumer-friendly loan application experience. The redesigned URLA form includes a reorganized layout, simplified terminology, and new data fields that capture necessary information in an easy-to-read format. Additionally, the GSEs worked together to create a common corresponding dataset, called the Uniform Loan Application Dataset (ULAD) to ensure consistency of data delivery.
"The redesigned URLA is the result of extensive collaboration with industry stakeholders," said Andrew Bon Salle, Executive Vice President, Single-Family Business, Fannie Mae. "We are proud to be a part of this effort that enables lenders to better serve their customers by providing ease and clarity to borrowers during the loan origination process."
The documents are being published now, in an effort to provide the industry with ample time to become familiarized with the URLA and ULAD updates and plan necessary changes to their systems. Lenders may begin using the redesigned URLA on January 1, 2018. A timeline for required use of the redesigned URLA and ULAD will be established at a later date.
Revisions made to the URLA form and corresponding ULAD include:
- Redesigned format: Improved navigation and organization that will support accurate data collection and better efficiency for a more consumer-friendly experience.
- New and updated fields: Capture loan application details that reflect today's mortgage lending business and support both the GSEs' and government requirements.
- Clearer instructions: Simplified terminology enables borrowers to complete the loan application with less help from the lender.
- Revised government monitoring information: Incorporates the revised Home Mortgage Disclosure Act (HMDA) demographic questions.
- Spanish informational version: Will be available soon.
The GSEs collaborated closely with lenders, technology solution providers, mortgage insurers, trade associations, housing advocates, borrower groups, and other government agencies (CFPB, FHA, VA, and USDA-RD), throughout the URLA project from the initial requirements gathering, reviews of the form revisions, and contributions to the data. For the first time, the GSEs conducted extensive consumer and lender usability testing across the U.S. to gather their feedback on the URLA designs. The designs were updated based on the responses gathered and were used in subsequent usability testing and industry outreach.
Today's announcement is part of the Uniform Mortgage Data Program (UMDP), a larger joint initiative undertaken by the GSEs, under FHFA direction, to standardize single-family mortgage data in the U.S.
To learn more about the redesigned, consumer-friendly URLA and corresponding dataset - ULAD visit - https://fanniemae.com/singlefamily/uniform-residential-loan-application
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- JAKKS Pacific (JAKK) Enters Agreement with Cra-Z-Art for Blo-Pens
- Stonemor Partners (STON) Announces Resignation of CFO Sean McGrath
- Banc of California (BANC) Trades Lower After Announce SEC Probe, CEO Resignation
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!