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GSEs extend URLA implementation to provide industry support
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are extending the implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and automated underwriting systems (AUSs) in an effort to provide additional industry support during the coronavirus pandemic. The new mandate date for the use of the redesigned URLA and AUS specifications is March 1, 2021.
In October, the GSEs released the redesigned URLA, following the Federal Housing Finance Agency's (FHFA) specific suggestions, and announced that an editable PDF will be available this year. For more on the revised URLA, access all documents and supporting materials on Fannie Mae’s and Freddie Mac's URLA web pages.
The FHFA has been working on a redesigned URLA for the past few years. In August, the agency announced that the preferred language question on the redesigned URLA will be voluntary instead of mandatory; NAFCU flagged for the FHFA credit unions' cost and legal concerns about the addition of the question.
NAFCU will keep credit unions updated on the timeline for the redesigned URLA and any additional changes.
In addition, the association has created a regularly-updated chart tracking regulator guidance in response to the coronavirus to help credit unions stay up-to-date on this information. View more helpful resources on NAFCU’s coronavirus webpage.