URLA Form
Big changes are coming to the URLA. In fact, it is a whole new form that replaces the five page form from 2009. Whenever a Federal Agency, in this case Fannie and Freddie, make a new form does the number of pages increase or decrease? Will the new form have three, five, eight, or ten pages? The answer is eight.
The expressed desire for this change is to provide great efficiency, transparency and certainty for consumers applying for mortgage loans. For a short discussion of the new form we go to elliemae.com.
Word on the Street
What do I hear from around the cracker barrel? Everyone seems to think that it is a much better form. Want to form your own opinion, go to FannieMae URLA/ULAD FAQs and New 1003 Borrower Form.
There is one group that seems to think that it is a better form. The Center for Plain Language awarded the form the ClearMark Award for Distinction. Check it out. Lots of interesting items. We will give the form a complete analysis in our CE offerings beginning in August.
See you around campus.
The NEW RMLA doesn’t have the following:
1. Term of loan and details
2. Address of Deposits. What if you needed a VOD?
3. What is FHA Secondary Home didn’t know of such
4. Regular monthly Obligations section for current housing
So far this is what I have not seen on the new RMLA.
OH, Only one signature in the Primary forms and NO initials on the Husband And Wife parts.
What are your thoughts?
I like the Overall design. The good things are that the Cell phone numbers, email, and the work extension space are on the new forms.
Here is an addition to my pior comments:
1. Where is the Proposed Housing section? So you can compare from the MISSING Current housing section? Thas is missing also!
2, A biggie: No Page numbers, so you don’t get mixed from from the Borrower’s 8 pages vs. the Additional borrowers or (Spouse’s 4 pages)?
Now, I have a comment regarding the programmers trying to get all these new pages correct by July 1, 2019? I have been in the Mortgage business for 43 years. College of experience. The prior programmers most likely never filled out or had loans other than simple ones. They should consult people who fill out the 1003 with experience. These are my comments and I stand by them. Otherwise the Lenders are going to wonder where the important items are?