Fannie Mae And Freddie Mac Will Update Uniform Residential Loan Applications In November 2020
The Federal Housing Finance Agency announced three years ago that they were changing the Uniform Residential Loan Applications used by the lending industry. It will the first change in 20 years. The GSEs later dictated that lenders would be required to begin using the new loan application by February 1, 2020.
But that all changed earlier this year. The GSEs delayed the mandatory use of the redesigned Uniform Residential Loan Application.
The FHFA postponed the implementation of the URLA to an unspecified date. However, the GSEs revealed Wednesday a new date for the mandatory use of the new URLA.