Fannie Mae and Freddie Mac Extend URLA Implementation Timeline in Response to COVID-19 Pandemic

Fannie Mae and Freddie Mac (the GSEs) recently extended the implementation timeline for the redesigned Uniform Residential Loan Application (URLA) and automated underwriting systems (AUS) due to the COVID-19 crisis.  Under the updated timeline, lenders will now be required to use the redesigned URLA and AUS specifications starting March 1, 2021.

The GSEs stated that the extension will give lenders and other stakeholders additional time to implement the redesigned URLA and AUS.  Although lenders may use the redesigned URLA form starting January 1, 2021, the new mandate date for the use of the redesigned URLA is March 1, 2021.

WBK previously covered the release of the interactive version of the redesigned URLA form here.