The URLA Gets A Facelift | Apartment Loan Depot Since 2005 – Fannie Mae and Freddie Mac Multifamily Loans Nationwide

(RECAP: In the first update for the form in more than 20 years, government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac have redesigned the Uniform Residential Loan Application (URLA – Fannie Form 1003/Freddie Form 67) in order to make it simpler to use and to add new data fields for increased reporting under the Home Mortgage Disclosure Act. The new version includes simplified terminology and a clearer set of instructions for users, according to the GSEs. This, in turn, will help borrowers complete the loan application with less help from the lender. As part of the project, the GSEs worked together to make a common corresponding data set, called the Uniform Loan Application Dataset, to ensure consistency of data delivery. Lenders may start using the redesigned forms on Jan. 1, 2018; but, as of right now, there is no deadline set for their required use. The updating of the form is part of the GSEs’ Uniform Mortgage Data Program, a larger joint initiative under the direction of the FHFA, to standardize single-family mortgage data in the U.S.)