Fannie Mae and Freddie Mac (the “GSEs”) recently released a joint statement regarding the redesigned Uniform Residential Loan Application (“URLA”) and MISMO v3.4 submissions confirming the previously announced dates for implementation.
As previously discussed by DocMagic, the GSEs will begin accepting the redesigned URLA beginning on January 1, 2021, at the start of a two-month Open Production Period. March 1, 2021 is the mandated date when all lenders are required to 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 joint statement provides a list of recommended tasks lenders should be completing in preparation for the transition to the redesigned form including:
- Download and become familiar with the updated interactive URLA components.
- Identify any data on the redesigned forms that is not currently collected and make a plan to start obtaining that data.
- Review updated URLA instructions.
- Update internal policies, processes, and procedures to support implementation.
- Determine a timeframe for testing needed with all of your industry partners.