Fannie Mae and Freddie Mac Publish New URLA Timeline

Fannie Mae and Freddie Mac (the GSEs) recently published the timeline for implementation and mandatory use of the updated redesigned Uniform Residential Loan Application (URLA) form, which reflects revisions announced on August 8, 2019.  The timeline includes the following key dates:

• The new integration test period will run from March 9, 2020, until June 1, 2020.
• The production readiness period will run from June 1, 2020, until November 1, 2020.
• The open production date—i.e., the redesigned URLA earliest “effective date”—is September 1, 2020.
• The pipeline transition period will run from November 1, 2020, until November 1, 2021. As of November 1, 2020, use of the redesigned URLA form is mandatory for all new loan applications received on or after this date.

WBK’s article on the release of the updated redesigned URLA form can be found here.