FHFA Redesigns and Reschedules URLA Mandatory Use
Delay allows industry participants to make necessary changes to the URLA and AUS data sets.
At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac (the GSEs) announced rescheduling the Feb. 1, 2020, mandatory use of the redesigned Uniform Residential Loan Application (URLA). This delay is to allow industry participants to make necessary changes to the URLA and AUS datasets.
The GSEs will make the following changes to the redesigned URLA form:
- The following questions will be removed from the redesigned URLA form. Instead, a voluntary consumer information form, which will not be part of the URLA form, will be developed to collect this information.
- The Language Preference question (Borrower Information, Section 1a.)
- The Homeownership Education and Housing Counseling question (Lender Loan Information, Section L5.)
- In the Borrower Information, Section 6: Acknowledgments and Agreements, the statement on “Use and Sharing of Information” will be revised to address specific uses of borrower data.
- The Military Service question (Borrower Information, Section 1a.) will be moved to a new section adjacent to Section 7: Demographic Information.
- Minor edits for consistency and usability will be made throughout the URLA form.
The GSEs and FHFA will assess the impact of these changes to the timeline and will provide more information about the new implementation dates as soon as it is available.
Question of the Week
Q. Can the credit union charge a garnishment fee on a Federal Benefit Payment?
A. Credit unions may not charge or collect a garnishment fee against a protected amount, and may not charge or collect a garnishment fee after the date of the account review. However, if there are funds in excess of the protected amount, a credit union may charge a garnishment fee on those amounts.
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Consumer Financial Protection Bureau (CFPB)
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Federal Housing Finance Agency (FHFA)
FHFA has directed the GSEs to make specific changes to the URLA form. To allow industry participants time to make the changes the GSEs will be extending the deadlines for implementation.
Financial Accounting Standards Board (FASB)
FASB released the current version of the FASB Outlook Newsletter.
FASB published proposed rule making changes to the effective date of CECL. Comments due by Sept. 16, 2019.
Financial Accounting Standards Board (HUD)
HUD proposes revised “Disparate Impact’ rule.
Office of Foreign Assets Control (OFAC)
OFAC has updated the SDN list as of August 6, 2019. The last update prior to this was Aug. 1, 2019.
Questions? Contact the Compliance Hotline: 1.800.546.4465; [email protected].