The revamped Uniform Residential Loan Application (URLA) features 48 new data points, including additional demographic information to help Consumer Financial Protection Bureau and other regulators to identify patterns of discrimination in the mortgage industry. With all of these new data demands, readiness is key to avoiding disruption to your business.
Here are four questions to ask yourself when planning your URLA journey.
- When Iit’s the Rthe night Tit’s time to STart Prepair for the NOTnew url?
Government Sponsored Companies (ESGs) have released the revised implementation schedule for the redesigned URL and the updated Automated Subscription Systems (AUS).
Here are the dates to know:
- March 1, 2021: Mandate and pipeline tthe transition ptime begins.
- March 1, 2022: Retirement Deat.
The mandatory date of March 2021 is not far away, so it’s time to prepare.
- Or Dwhere I STart MYes Tthe transition ?
As you navigate your URLA transition, a key step is to ensure that your loan origination system (LOS) offers end-to-end support for the redesigned form..
Here are the first steps you should take to get started:
- Review process and impacts
- Set up a pilot program plan
- Examine new concepts and adjust
- Run your pilot
- Allow limited production
- Activate full production
- How? ‘Or’ What Dwhere I Eenhance What VShangs NOTneed of Happen Win MYes Ssystem?
To avoid disruption to your workflow, lenders should formulate implementation plans with clear goals and objectives, and then execute them against specific milestones. Plans should be designed to minimize disruption, support concurrent use of old and new URLA forms, and coordinate changes between solutions from multiple vendors. The overarching goal should be to prepare your organization, including training, testing, operations, and technology for this potentially shocking transition.
- How? ‘Or’ What Wsick the NOTuh Felm Iimpact MYes THEoan Ddelivery Pwalk towards Iinvestors?
Lenders should also keep the needs of their investors in mind and know where each investor is in the transition process. Now is the time to start having those conversations to make sure your deployment schedules are aligned and the investors you work with will be able to process loan case data and documents in the new URLA format.
