Skip to main content

Upgrade in URLA Indefinitely Postponed

Phil Hall
Aug 09, 2019
Photo credit: Getty Images/bankrx

Fannie Mae and Freddie Mac have indefinitely postponed their implementation of the redesigned Uniform Residential Loan Application (URLA) that was scheduled to take effect on Feb. 1, 2020.
In October 2017, the Federal Housing Finance Agency (FHFA) added a preferred language question to the URLA, which the agency said would accommodate borrowers who self-identify as limited English proficient and are more comfortable communicating in another language. The FHFA stressed that this action is “in the interest of all segments of the mortgage market.”  No new date has been set before the URLA upgrade to go into effect.
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit issued a statement welcoming the delay in the URLA upgrade.
"As you recall, MBA opposed the inclusion of the language preference question in the URLA because of the customer relations issues the question would cause if lenders could not actually serve borrowers in their preferred language, and due to unresolved operational and legal questions raised by the language preference information," Broeksmit said. "We greatly appreciate Director Mark Calabria's willingness to revisit these concerns and resolve them effectively. We look forward to working with FHFA to continue to find opportunities to extend homeownership to all creditworthy borrowers."

Aug 09, 2019
Fannie Mae Introduces Spanish-Language Homebuyer Education Program

The new platform, HomeView en Español, aims to bridge language barriers hindering Hispanic-Americans from purchasing homes..

Sep 29, 2023
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023