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Fannie Mae and Freddie Mac (the GSEs) released a joint announcement to notify lenders that they will begin accepting the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65) and MISMO v3.4 submissions to the GSEs’ automated underwriting systems on January 1, 2021.
As covered in a prior WBK article, the GSEs released an updated redesigned URLA form in 2019. In addition, the GSEs also released an interactive version of the redesigned URLA.
The announcement includes a list of tasks lenders should complete as part of the transition. Lenders must comply with the mandate to use the revised forms by March 1, 2021.