Updated Uniform Residential Loan Application Use Required in 2020


The Government Sponsored Enterprises, or GSEs, Fannie Mae and Freddie Mac have developed an updated Uniform Residential Loan Application (URLA), in partnership with the mortgage industry. For applications received on or after Feb. 1, 2020, credit unions that sell loans on the secondary market will be required to use the new URLA. There is an “optional use period” that allows credit unions to start using the new URLA on July 1, 2019. 

In order to prepare for the redesigned URLA, credit unions should: 

  • Identify any data on the redesigned URLA that you do not currently collect and develop a plan to obtain that data. 
  • If you use a technology solution provider, reach out to them to ensure they have copies of the updated automated underwriting system specifications. Determine the type and timeframe of testing you need to conduct with your vendor and work with them to understand when they expect to be ready to produce and receive the new data interface files. Remember, you are not mandated to start submitting loan application submission files to our Automated Underwriting System (AUS) until Feb. 1, 2020.  
  • If you maintain your own system, work with internal technical and business analysts to scope and schedule the tasks necessary to process the updated AUS specifications.  
  • Regularly check each GSE’s URLA or Uniform Residential Loan Dataset web page for additional updates to the AUS specifications to ensure you are using the most recent version. Reach out to your GSE representatives, as needed, to confirm requirements and arrange testing with the GSEs. 

Question of the Week 

What is the required size of the HUD fair housing poster? How must it be displayed? 
Under 24 CFR §110.25(a), the fair housing poster must be 11 inches by 14 inches. Section 110.15 requires that the posters be prominently displayed so as to be readily apparent to all persons seeking housing accommodations or seeking to engage in residential real estate-related transaction. 

Related Links: 

12 CFR §110.15 

12 CFR §110.25(a) 

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Consumer Financial Protection Bureau (CFPB) 

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Federal Reserve Board (FRB) 

FRB published a report on debit card transactions in 2017, including information on volume and value, interchange fee revenue, certain issuer costs, and fraud losses. 

Government Sponsored Entities (GSE) 

Fannie Mae and Freddie Mac have released additional specifications along with other updated resources supporting the redesigned Uniform Residential Loan Application (URLA).  Mandatory use of the new form is Feb. 1, 2020, but optional use may start on July 1, 2019. 

U.S. Department of Labor (DOL) 

The DOL announced that the overtime threshold proposal has been published in the Federal Register and is available for comment until May 21, 2019. 

Washington State Division of Credit Unions (DCU) 

The DCU released DCU Bulletin B-19-02 which is a savethedate reminder for the 2019 NASCUS Credit Union Executive Forum on July 10 at the NWCUA office building in SeaTac. 

Federal Financial Institutions Examination Council (FFIEC) 

The FFIEC released the 2019 edition of the “Guide to HMDA Reporting: Getting It Right!” 

Office of Foreign Assets Control (OFAC) 

OFAC has updated the SDN list as of March 22, 2019. The last update prior to this was March 15, 2019. 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org. 

Posted in Compliance News.