After many years in the works, Fannie Mae and Freddie Mac have finally issued their new Uniform Residential Loan Application, or URLA. This is Fannie Mae Form 1003 and Freddie Mac Form 65, and is the most widely-used application form for mortgage loans in the U.S., and many lenders utilize it whether or not they sell loans to Fannie or Freddie. Although lenders are permitted to use the new form now, as of March 1, 2021, it will be mandatory. This is a wholescale redesign of the form, with new fields, many revisions, and an all-new look. Fortunately, Fannie and Freddie have provided many resource documents to ensure you’re up to speed on the changes, but there is still much to process.
This webinar will explore the new form(s), and we'll discuss all the changes, as well as the impacts on your lending operations. There are also changes to the agencies' Uniform Mortgage Data Program, which in turn impacts use of their Automated Underwriting Systems (AUS), Desktop Underwriter and Loan Prospector. We’ll address those impacts as well, so you'll be ready to go.
- Use of the form - what transactions, what lenders?
- Aspects of the redesigned URLA - what's changed, what’s new?
- Usage of the form - in what transactions, whether your institution sells loans to Fannie Mae and Freddie Mac or not
- Additional resources and links
- Data mapping from the old form to the new
- Status of the "Preferred Language" issue
- Impacts on the Uniform Mortgage Data Program and Automated Underwriting Systems (AUS - DU and LP)
- Steps to take now to be ready
Who Should Attend?
Those individuals who are part of the residential lending process, including Loan Officers, Processors, Underwriters, and Closing Agents; Compliance and Legal staff; Audit; and Management of these areas.
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