FHFA Redesigns and Reschedules URLA Mandatory Use
August 20, 2019
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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