Redesigned Uniform Residential
Loan Application (URLA)
As your preferred lender, LoanStream Mortgage would like to share insights into an upcoming change affecting the mortgage industry.
Fannie Mae and Freddie Mac have designated March 1, 2021 as the mandatory use date for the new URLA.
LoanStream will start requiring MISMO 3.4 data through our Broker Portals starting March 1, 2021
When will the change take place?
Lenders and Brokers are required to use the new Form 1003 with applications on and after March 1, 2021, but we’re preparing for the change now. We will begin accepting the new URLA in February.
As the date of implementation approaches, LoanStream Mortgage will continue to provide our Business Partners more details about how to use the new URLA application and will provide reference materials to help you navigate through the changes.
Highlights of the Redesigned URLA
Updated Fields in Accordance with Today's Lending Environment
Clearer Separation of Lender and Borrower Information
Separation of Individual Borrower Applications in a Single Loan Package
Reorganization for a more consumer-friendly experience
More Detailed Employment History Income Section
Demographic Information Addendum is Now Part of the URLA
Clearer Instructions to Improve Borrower Self-Service
Demographic Information Addendum is
August 1, 2020
Limited Production Begins
January 1, 2021
Open Production Begins
March 1, 2021
Mandate and Pipeline Transition Period Begins