Non-QM, Underwriting, Marketing Products; Borrower Satisfaction Tips; 1003 Pause

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Posted To: Pipeline Press

At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac (the government-sponsored enterprises, or GSEs) are communicating that the optional use period for the redesigned Uniform Residential Loan Application (URLA) form and corresponding datasets will not begin on July 1, 2019 as previously scheduled. It will begin tomorrow! Just kidding. “The effective date of the form will be revised and an updated version will be provided at a later date. Over the coming weeks, FHFA will engage with appropriate stakeholders and agencies to finalize issuance of an updated URLA form, corresponding datasets and a new implementation timeline.” Legacy issues, listening to complaints about the language portion, whatever, stand down for now. More lender/agency news below…(read more)

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