MPF Announcement 2019-56

Redesigned Uniform Residential Loan Application (URLA) Update

Effective Date: Immediately

On October 23, 2019, Fannie Mae and Freddie Mac published an announcement and an appendix with the updated components of the redesigned Uniform Residential Loan Application (URLA).

Changes have been made to the Borrower Information, Additional Borrower Information, Lender Loan Information, Continuation Sheet, and Unmarried Addendum components. A detailed description of each change is presented in Appendix 1.

While the deadlines for implementation of the URLA and AUS datasets have been extended in order to allow time for industry participants to make the necessary changes, new implementation dates have not been announced.

The MPF Program requires PFIs to utilize the most updated URLA, and will require use of the redesigned URLA as of the implementation deadlines set by Fannie Mae and Freddie Mac.

While preparing for the new deadline, has your institution considered the following:

• Have you contacted any applicable vendors to ensure they have the necessary preparation in place to implement the changes?
• Have you made all applicable system changes?
• Will your systems be able to support both the current and new URLA to ensure pipeline loans are able to be processed with the format as initially submitted?
• Will you be prepared to test the new URLA?
• Have you updated your processes and procedures to require the correct URLA?
• Has your staff familiarized themselves with the redesigned URLA?
• Do you have procedures in place to monitor your institution’s and your vendor’s on-going compliance in utilizing the new URLA by the implementation deadline?

PFIs are required to ensure compliance with all URLA related requirements and deadlines, and should ensure they are monitoring updates.  We will continue to monitor the implementation of the URLA and will announce any updates that affect the MPF Program as soon as information becomes available.

For additional information, underwriting system requirements, and training regarding the redesigned URLA, PFIs can refer to Fannie Mae’s URLA webpage.