GSEs Announce Update to Uniform Residential Loan Application
On August 9, 2019, Fannie Mae and Freddie Mac (GSEs) announced the mandatory use of the redesigned Uniform Residential Loan Application (URLA) and AUS datasets will no longer begin on February 1, 2020. The GSEs were directed by the Federal Housing Finance Agency to make specific modifications to the URLA. The postponement will permit industry participants time to make necessary changes. The GSEs will make the following changes to the URLA:
• Remove the following questions and develop a voluntary consumer information form:
− Language Preference question (Borrower Information, Section 1a); and
− Homeownership Education and Housing Counseling question (Lender Loan Information, Section L5);
• Revise the statement on “Use and Sharing of Information” to address specific uses of borrower data (Borrower Information, Section 6); and
• Move the Military Servicer question from Borrower Information, Section 1a to Section 7.
Other minor, non substantive edits will be made to the URLA.
Revised Dollar Amount and Thresholds Under Federal High-Cost and Qualified Mortgage Provisions
The Consumer Financial Protection Bureau issued a final rule amending the high-cost mortgage thresholds and the qualified mortgage thresholds in Regulation Z. The amendments are effective
January 1, 2020.