#2411: What the New URLA Means to Credit Unions and Members on March 1...

mortgagemonthly_yvetteharrod.mp3
File Size:	17024 kb
File Type:	mp3

Download File

---

Watch the 6:54 clip above and/or check out the entire episode below the show notes.

In this month's installment of "Mortgage Monthly," brought to you by CU Members Mortgage, CU Members Mortgage Executive Sales Consultant Yvette Harrod joins us to discuss the new Uniform Residential Loan Application (URLA) and what it means for credit unions come March 1, 2021.

The Uniform Residential Loan Application, also known as a Fannie Mae Form 1003 or just a 1003 form, is a standard form that contains all the information necessary for a lender to establish the risk profile of a borrower. According to Yvette, this form hasn't been updated in 20 years. In today's fast-paced, digital world, that may as well be 200 years. So it's high time for an improvement.

Yvette informs us of how it was updated (hint: it's all digital now), why it was updated, key highlights, benefits to credit unions and members, the March 1 deadline -- and why that's significant, and what happens if you're not ready by March 1, 2021.

Suffice to say URLA is pretty important in the mortgage lending process and this update has made this part of the process much more efficient and flexible -- ultimately getting folks into their new homes faster. And that looks good on your credit union.

If you need more information on URLA, here are a couple of Fannie/Freddie links to review...
https://singlefamily.fanniemae.com/delivering/uniform-mortgage-data-program/uniform-residential-loan-application
https://sf.freddiemac.com/tools-learning/uniform-mortgage-data-program/ulad

In addition, here is Yvette's email if you'd like to speak to her on this topic or pretty much any other mortgage-related topic ... [email protected].

And watch the entire interview with Yvette below for all the details.