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.
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