As previously announced, DocMagic has been working diligently to support the redesigned Uniform Residential Loan Application (“URLA”) and related forms. These updates have included new data mappings, new data points in our system, new calculations, updates to our user interfaces such as DocMagic Online, and implementation of the forms.
Our previous announcement discussed the new implementation timeline published by Fannie Mae and Freddie Mac (the “GSEs”). You can find that article here. The first date testing is available using the new forms and automated underwriting system, using the new Uniform Loan Application Dataset (“ULAD”) is March 9th. DocMagic expects to finalize our data and form changes by the end of March 2020. The first date any lender is able to use the new forms and dataset is June 1, 2020, and only with special permission.
Our prior article also discussed the expectations that the GSEs would provide updated, revised documents in January 2020 to reflect changes announced in October 2019. On January 29, the GSEs posted updated interactive templates for all five URLA documents, revised URLA Instructions, URLA Rendering Design Options, ULAD Mapping Document, numbered URLA forms, FAQs and a new comparison of the current to the redesigned URLA.
DocMagic will be making an update to DocMagic Online, currently scheduled for March 5th, to cover additional fields that were added to the forms in January 2020.
Users are able to test the URLA now by indicating desired use of the redesigned URLA, either within DMO by selecting the “Use 2020 URLA” option from the Tools menu or providing the URLA type in the MISMO xml. This method will include updates as DocMagic releases them to support the most recent changes.
DocMagic’s URLA Resources page will be updated to reflect these new timelines, form and information in March 2020.
Please let us know if you have any further questions.