MPF Announcement 2019-72

Updated Implementation Timeline for the Redesigned Uniform Residential Loan Application (URLA)

Effective Date: November 1, 2020
(Mandatory on all new loan applications beginning November 1, 2020)

Fannie Mae and Freddie Mac, have  published the updated implementation timeline and mandate for use of the redesigned Uniform Residential Loan Application. The new mandate date for the use of the redesigned URLA and AUS specifications is November 1, 2020.

Pursuant to the MPF Guides, PFIs are required to use a version of the URLA that is accepted by Fannie Mae and Freddie Mac. Therefore, the MPF Program is adopting the implementation timeline established by Fannie Mae and Freddie Mac for conventional loans delivered under the MPF Traditional, MPF Xtra, and MPF Direct products.

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

• Have you contacted any applicable vendors to ensure they have the necessary preparations 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 delivering government loans must comply with the requirements of the applicable government agency, including using the version of the URLA that is accepted by the government agency.

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