On April 14, 2020, Fannie Mae and Freddie Mac (the “GSEs”) made a joint announcement that the redesigned Uniform Residential Loan Application (“URLA”) and automated underwriting systems (“AUSs”) implementation timeline has been updated with extended milestone dates that move the required use date to March 1, 2021.
The GSE announcement indicates the implementation timeline was extended to support the industry during the COVID-19 pandemic, as lenders and other stakeholders will have additional time to make updates.
New timeline implementation dates:
The Limited Production phase will begin on August 1. 2020. The GSEs will begin accepting MISMO v3.4 loan application submission files in production on a limited basis from approved participants.
January 1, 2021 is the earliest “Effective Date” for the redesigned URLA. All lenders may begin submitting a MISMO v3.4 loan application submission file to the GSEs’ AUS production environments between January 1, 2021 and February 28, 2021. The GSEs are updating the effective date in the footer of the redesigned URLA to 1/2021 to match this use date.
March 1, 2021 is the mandated date when all lenders must use the redesigned URLA and the updated MISMO v3.4 datasets. The GSEs will continue to process applications received prior to March 1, 2021 as “legacy files” using the AUS format with which they were initially submitted. The final retirement date is now March 1, 2022, at which point the GSEs will no longer accept loans using the Revised 2009 version of the URLA and not using the MISMO v.3.4 data format.
DocMagic will continue to provide updates about our ongoing work to support the implementation of the revised URLA based on the extended timeline requirements. DocMagic updates already scheduled, such as a release of additional functionality of DocMagic Online, will continue as scheduled unless further notified.