In this article, we will be discussing about the most frequently asked questions on URLA 2020. We hope we address most of the questions on URLA 2020. Before going into the FAQs, let us touch base Uniform Residential Loan Application (URLA) 2020.
Uniform Residential Loan Application (URLA) 2020
- The redesigned URLA makes it easier for lenders to collect information required by the Home Mortgage Disclosure Act (HMDA) and to incorporate additional application information identified under the URLA/ULAD initiative.
- It use Fannie Mae’s ULAD Specification (FNMA MISMO 3.4 AUS Specification) as the exchange format until the ILAD (Industry Loan Application Dataset) becomes widely available for the industry.
Frequently Asked Questions on URLA 2020
1) Will all fields be changing in the new URLA?
- No, there is significant reuse of data between the existing 1003/65 and the new URLA.
- There are some net new fields required due to new data being collected on the form as well as the expandable sections.
2) When will the 3.2 format be replaced be MISMO?
- Ellie Mae plans to support both FNMA 3.2 and MISMO 3.4 for the foreseeable future.
3) Will HELOC’s be a designated loan type on the new URLA?
- No, the new URLA, like the existing 1003/65, does not include HELOC as a loan type.
4) When converting a prequalified pipeline from 2009 to 2020, will DU or LPA need to be run again to comply with the 2020 URLA?
- Yes. But note that you’ll have to take one of two paths.
- Either you’ll need to restart with a new loan file or you’ll need to remove the case number from the 2009 submission and resubmit.
5) Why is there an option for VA or FHA for Gov’t Loan Type when field 1172 – Mortgage Loan Type Applied For is set to USDA-RD?
- Government forms can be included in the Encompass Docs Solution USDA package when field [Terms.USDAGovtType] is selected. This is an existing field that was included on the URLA-Lender input form with the URLA redesign
6) Why does Encompass not prompt to save the loan after running AUS with the new URLA?
- With the new URLA, after running AUS, data is automatically saved on the server and then synced with the client, so there is no need to prompt to save the loan, unless the user changes something else.
- This is a benefit of the new URLA and different than the 2009 forms where everything happened client side, thus the need to prompt to save the loan.
7) Where can I find additional resources from Freddie and Fannie regarding the new URLA 1003 form?
- Fannie Mae has a helpful URLA 1003 form page which includes links to a FAQ, Fact Sheets, Training, and more.
- Additionally Access the page by clicking on the following link:
Please refer below link to access the URLA Quick Tip Video
Take Five Consulting is a technology company, based in Virginia U.S., that specializes in the Mortgage Banking vertical especially LOS implementation and application development. Take Five Consulting creates and implement mortgage technology and software specifically for Mortgage Industry.