Published on March 11, 2021
Reminder: New URLA is Now in Effect
Written by The Servion Group
As of March 1, 2021, all lenders who intend to sell closed residential mortgage loans to Fannie Mae or Freddie Mac are required to use the new Uniform Residential Loan Application (URLA). We wrote about this a few weeks ago in an earlier post, but now that the new form is in effect we wanted to provide a reminder.
Why Did the URLA Change?
Fannie Mae and Freddie Mac spearheaded the effort to revamp the URLA. According to Fannie and Freddie, the idea was to create a more consumer-friendly loan application and at the same time create an application that works better in the more heavily digital direction in which the loan origination process is moving.
Resources for URLA Information
We want to provide a few links to official sources of information so you can familiarize yourself with the new URLA.
- Fannie Mae's interactive URLA page
- Freddie Mac's interactive URLA page
- Lists of approved software partners from Fannie Mae and Freddie Mac (helpful for Servion correspondent partners using their own LOS)
- Fannie and Freddie joint data sheet about the new URLA
- MBA's technology tips related to the new URLA
Contact Us with Any Questions!
If you have any questions about the new URLA, don't be afraid to reach out to your Servion team any time.
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