Fannie Mae (OTC Bulletin Board: FNMA) and Freddie Mac today announced the publication of the redesigned Uniform Residential Loan Application (URLA), the standardized form used by borrowers to apply for a mortgage loan. This is the first substantial revision made to the form in more than 20 years and the changes will allow lenders to deliver an easier, more consumer-friendly loan application experience.
Revisions made to the URLA form and corresponding ULAD include:
- Redesigned format: Improved navigation and organization that will support accurate data collection and better efficiency for a more consumer-friendly experience.
- New and updated fields: Capture loan application details that reflect today's mortgage lending business and support both the GSEs' and government requirements.
- Clearer instructions: Simplified terminology enables borrowers to complete the loan application with less help from the lender.
- Revised government monitoring information: Incorporates the revised Home Mortgage Disclosure Act (HMDA) demographic questions.
- Spanish informational version: Will be available soon.