The redesigned URLA refines the lender and borrower experience. Form 1003 set to boost loan provider and borrower experience
As needs for an even more electronic financing procedure continue steadily to increase, government-sponsored enterprise (GSE) Fannie Mae® along with Freddie Mac and stakeholders throughout the industry, set another foundation set up because of the redesigned Uniform Residential Loan Application (URLA/Form 1003).
The redesigned Form 1003 addresses developments in the industry, GSE policy, and Home Mortgage Disclosure Act (HMDA) reporting requirements — all with a cleaner look and feel and clearer instructions while the overall loan application process does not change for either lenders or borrowers. Read More