The Latest in Compliance

1008 Uniform Underwriting and Transmittal

Effective with applications dated on and after June 5, 2019, check out the new 1008

What should we be doing?

  • Communicate with your Loan Origination Software (LOS) vendor – Are they ready? Can you test?  Visit their resource center for information.
  • Communicate with your document vendor – are they ready? Can you test?
  • Inform your Underwriting and Operations team – they should know it is coming
  • Update your policies and procedures
  • Train Underwriters and Operations team

1003

Effective with applications dated on or after February 1, 2020

At the direction of the Federal Housing Finance Agency (FHFA), and in collaboration with industry partners and government agencies, Freddie Mac and Fannie Mae (the GSEs) have updated the Uniform Residential Loan Application (URLA) (Freddie Mac Form 65 / Fannie Mae Form 1003) and created a corresponding standardized dataset – the Uniform Loan Application Dataset (ULAD).

The redesigned URLA form provides lenders and borrowers with greater clarity and an easier, more consumer-friendly loan application. The results represent the culmination of extensive industry collaboration.

The ULAD Initiative, which is part of the Uniform Mortgage Data Program® (UMDP), continues to promote data standards by providing common and clear definitions. UMDP provides transparency and makes it easier to share data among various stakeholders within the industry.

What should we be doing?

  • Visit the Fannie Mae and Freddie Mac Watch the tutorials, preview the new forms, etc.
  • Review the Implementation Timeline
  • Sign up for notifications. Be in the know!
  • Share information with your Loan Originators and Operations team – they should know it is coming!
  • Communicate with your Loan Origination Software (LOS) vendor – Are they ready? Can you test?  Visit their resource center for information.
  • Communicate with your Point of Sale (POS) application vendor – Are they ready? Can you test?
  • Communicate with your document vendor – are they ready? Can you test?
  • Communicate with your Customer Relationship Management (CRM) vendor – are they updating their fields to capture the new and updated data fields?
  • Reach out to your Investors – are they ready to receive the updated 3.2 file?
  • Attend industry webinars
  • Update your policies and procedures
  • Train Loan Originators and Operations team
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