Back in 2016 (yes, five years ago), the GSEs first revealed the completely redesigned Uniform Residential Loan Application, which was soon after adopted by the CFPB as an approved application form. After many, and I mean many, repeated delays, for various reasons, the redesigned URLA, as it’s affectionately referred to, the GSEs published their revised timeline on April 14, 2020, for its implementation:
The redesign of URLA was fraught with challenges. Why? It was like herding cats. Seriously! Try to imagine a multi-year collaborative effort among lenders, technology solution providers, government agencies, mortgage insurance companies, document preparation companies, and many other industry stakeholders, each with their own agenda and timeline. See what I mean?
Several providers immediately jumped on the bandwagon and began the arduous exercise of unpacking, scoping, scheduling, and testing all the necessary tasks to ensure proper compliance and readiness. They developed a library of resources (guides, videos, training material) and supported their customers to ensure they are able to transition seamlessly and with minimal disruption to their operations.
Others, unfortunately, buried their heads in the sand, hoping that the deadline will be pushed again and waiting to the very last minute to address this major industry change which will most certainly impact the entire mortgage lending workflow.