Use of the Uniform Residential Loan Application Delayed

January 14, 2020
delayed
The move to delay the use of the URLA came at the directive of the FHFA.

 

More than three years ago, Fannie Mae and Freddie Mac announced that they were changing the standard residential application form for the first time in 20 years. The companies later dictated that lenders would be required to begin using the new loan application by Feb. 1, 2020. But that all changed earlier this year when the government-sponsored enterprises delayed the mandatory use of the redesigned Uniform Residential Loan Application at the direction of the Federal Housing Finance Agency. The implementation of the URLA was postponed to an unspecified date in the future, but the GSEs revealed recently a new date for the mandatory use of the new URLA. According to the GSEs, lenders will now be required to begin using the new URLA by Nov. 1, 2020. The move to delay the use of the URLA came at the directive of the FHFA, which ordered the GSEs remove the language preference question and housing counseling information from the updated URLA form, which is the standardized form used by borrowers to apply for a home loan. 

Source: HousingWire